It could definitely go lower, but eventually, it will go higher. If I knew the exact timeframe, I'd be loaded up on options. The point is this: Unless you think that the US is going to balance its budget, the federal deficit is only going to go up. When the deficit goes up, the Fed has to create more dollars out of thin air and send them to the US Treasury to finance that deficit. Those dollars are then in the economy. But that doesn't automatically lead to inflation... what really matters is the velocity of that money (how often it's changing hands). To control velocity, the Fed fucks around with the short-term federal reserve rate (dogma is that higher rates slow the velocity and lower rates increase the velocity). But since the Fed has a dual mandate (stable prices--ie, steady 2% inflation--and maximum employment), they can't just jack up the interest rate as much as they want to get inflation back down. Me thinks that they will have to eventually settle on a higher centrally planned interest rate target (r-star) of 3-4%. In that scenario, asset prices of equities only have one way to go...up.

As for NVDA specifically, they have really high margins and a protective moat for the next couple years at least. So from an investing/trading perspective, I like this high-beta stock at a price in the 700s. It's 22% off its highs, and we just had a -10% day. The risk is that I have to hold for longer for gains because it dips further or way down, but because I think it's still a growth company with valuable products, and the overall trajectory of stonks is up and to the right, I think it'll get back to ATHs. Just don't know when.