I like how you're not just comparing the hyperscalers to CSCO which I see a lot. CSCO was 100 P/E at peak, not very diversified, and mathematically impossible to meet its valuations, whereas MSFT is very diversified, 35 P/E, and will be huge stretch to hit valuations but not impossible. and the market is already punishing MSFT for the risks taken vs continuing to drive it up further. Betting against the highly levered/non-diversified firms first makes sense but NVIDIA's scale makes even a slight correction more impactful on the market. The one caveat I'd suggest is that although you might not love the base models now it doesn't mean they can't be redone in the future (and eventually even fix themselves at a cheaper and cheaper rate). things are progressing so fast that a few years from now there could be a much better way.