I disagree. Pre-AI, the cryptominers were clearly sucking up supply and driving up prices. I understand you might say "Nvidia did the same thing then" but really the issue is supply and demand. Starting with crypto, and continuing into AI, a whole new unexpected slice of huge demand for video cards morphed into existence. Supply and demand says there can be limits to production, and then the curves shift.

Would Nvidia see their lucky day and operate like any rational iffy actor? Sure. But I think it's important to be clear on the fact that demand suddenly exploded with crypto, and then kept going.

Nvidia may not be a saintly actor, but let's be sure to not ignore the laws of supply and demand. But! I feel my grasp on the matter is fairly basic, and I'm sure there are other points that may add nuance here - and highlight uncool practices by them. But there are only so many foundries; they take a lot of time to spin up (to the chagrin of every nation state); and when demand goes up, prices generally follow.

How do you mean?

Many HNers didn’t know and are now speaking in hindsight. (They love doing that to appear smart) Otherwise they would have shown the receipts about it years ago.

Nvidia did a great job at engineering a central bank-style AI funding bubble for as long as possible. Unfortunately, Cisco did the exact same thing.

Before, there was denial about the circular financing bubble, now look at them believing that a crash is coming.