Market competition will eventually erode Nvidia's currently exceptional margins as other companies develop competing AI silicon.

“when the market observes that there's a company printing enormous revenues and profits they want to compete with them naturally to get their share of those revenues and profits and that typically happens in all markets then the result of that are just decaying margins in the in the absence of a mono”

Current massive investment in GPU compute is likely a bubble driven by inefficient spending until the market discovers the efficient frontier of compute.

“I would argue a bit of a cycle that the there looks to be a bubble and what I mean by that is that there's a lot of inefficient spending going on as the efficient Frontiers are discovered across all these different application sets”