[svnt]

I’ll buy the credulity problem, and agree there is considerable risk in NVDA’s market position.

However they went up 8x because (neglecting crypto) they overnight transitioned from providing accessories to PC gamers and high end engineering workstations (both increasingly niche markets with tapering growth or decline) to being for the moment the only substrate of an entirely new consumer product segment that has seen the most rapid adoption of any new technology in the history of the world.

This could be the way things work now: the time constants shrink as the pipeline efficiency increases.