NVDA yes agree. The 2 points I found relevant were
1. spot market pricing. I didn't validate that, but it would be a possible problem.2. inventories. they are in fact growing faster than revenue which doesn't jive with can't keep up with demand.
I don't think AR is an issue given who their customers are.
The biggest thing I'll repeat here is the models are very limited in what they can reliably do. We are nowhere near the autonomous agents that would justify this level of capex. I am a serious power user, and getting it to behave correctly requires reading every output like a lawyer cross examining a hostile witness.
It is a useful tool in the hands of a person. We are absolutely nowhere near these things running as autonomous relatively accurate independent machines, and that is what the capex assumes.
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