It's very clear that the ramp for GPUs continues.
As unreal as it sounds, it could truly be worth trillions more, it’s just that the market is unwilling to say so atm. There’s nothing normal going on because almost any stock you ever looked at is surrounded by hundreds of other stocks to compare to.
People missed this stock pre-split, then at 90, 120, 140 … And they will miss it again.
I think the expectation of ever growing compute is not totally crazy. It will come with lower margins eventually though, and more players in the market. It also might get much more moderate, including from hardware limitations. Efficiency wise h200->b200 isn’t as crazy as a100->h100.
Same argument can be somewhat applied to CPUs circa 90s. The growth did stop/stalled in the end.
1) We didn’t make the world digital native in that era
2) We didn’t connect the whole world to the internet
The people who understand corporate finance, valuation and product development can catch this stuff early on.
AI winter -> Datacenters have too much compute to sell -> Compute gets cheaper
AI summer -> Hardware companies are incentivized to make better chips-> Compute gets cheaper
The second actually is more powerful in the long run. The AI boom has actually made compute very cheap per flop.
As long as these data centers and their cloud patrons still keep providing those compute options, unlike, the 2000 crash where commodity hardware was widely available and the business use case was comparatively decentralized.
If there's a market crash it may change, like it did after the dot com crash.
Housing bubbles existed, we still use houses. The dot com bubble existed, we are still on a dot com.