Pre-training happens once then it’s done. You can’t make a multi-trillion dollar business out of providing hardware for that. Inference is where the money is because it’s recurring.

No, while what you are saying sounds intuitive on one hand, OpenAI is building $100b supercomputer for training new models. As long as people want to train better models than a year before(which seems to be a good assumption for new few years), training will keep on giving good revenue to Nvidia.

Inference requires 1/3rd the FLOPs than training per token and current models are already trained on entirety of internet. You can generate 3 times the internet for 1 training run.