[positron26]

The problem is not demand going away. No margin in a late stage company goes unassailed for long. Intel has nothing to lose. AMD has everything to gain. Untold other players are finding oxygen in various places. Nvidia is smart to use their spotlight as long as it lasts, but in their pitch, they're saying, "this will put you ahead," not "this will last forever."

[FinnKuhn]

> The problem is not demand going away.

The problem for Nvidia is when demand doesn't continue to increase as much as expected.

[positron26]

Unless they have managed to hide a lot of leverage and debt (not investment), that's a problem for their shareholders if they have priced in future growth.

To avoid looping this conversation for the next 2-3 years, we need to get to higher PEs to match the dot com bubble. It's just hard to have a long bubble that collapses without debt and leverage. You need something that compels the market to correct or else the long bubble just stays long. Suddenly I understand why shorting is essential in breaking the back of long bubbles and stabilizing market dynamics.

[rhubarbtree]

Google?

[positron26]

90% search is not 90% ad revenue. If you want to compete with Google, it's easier to make a different kind of popular platform and then sell ads than to compete head-to-head for traffic on search only to... sell ads.