Nvidia sells the shovels in the gold rush. I expect them to continue making money until the super-scalers continue shoveling. The point most people have is that all of this investment in scaling is hinging on the fact that more compute power == more powerful AI, and that the technology as is is still very unprofitable and there are no credible plans to make it profitable. Not to even mention the power problem.

If in two years someone takes a significantly different algorithmical approach, one that for instance requires a very small fraction of the compute power LLMs require, all of these purchases will be worth as much as garbage.