All the references to Jevon’s paradox fail to account for three things: 1. There’s no good forecasting model to account for how aggregate demand moves as a function of efficiency gains in this space 2. Aggregate demand isn’t the same as Nvidia’s share of market, which could drop if alternative paradigms for training or inferencing gain traction 3. Forecasting time horizons matter for discounted cash flow/valuation calculations, which nobody has a good basis for IMO, there’s just a lot of uncertainty, and it’s fair for the market to discount the optimistic trajectory aggressively based on net new info.