Nvidia is a 77% tax on every AI investment collected upstream. the valuation is entirely reasonable because speed matters in the landgrab period and nobody sells horses. By the time others do, the land has been grabbed.
It’s really not that expensive though. The PE ratio is frankly quite normal in today’s markets. When TSLA was on its insane run its PE was an order of magnitude higher. NVDA is nowhere near bubble levels of valuation yet.