So yeah if it goes tits up, they loose customers, but they’re customers that wouldn’t exist otherwise, and they can easily pay to make the debt collectors go away. But if it’s anything except a complete collapse, then they’ve grown the customer base for their products long term, and hedged against hyper scalers replacing them with custom silicon.

At the moment it looks like the downside risk is limited, and in the worse case, tolerable, whereas the upside is unbounded. Those are really good bets to be placing, the only trade-off is opportunity cost. But even there, what other opportunities could Nvidia be deploying their cash into, beyond share buybacks?