“But moving on.”
You have a fabless chipmaker selling at 15 times sales in a rising rates environment. It’s priced for excellent execution in a volatile market. The are executing great, and are rewarded for it. If they disappoint, people should be prepared for a nontrivial (perhaps temporary) correction and cryptocurrencies falling 50% is a plausible route for a disappointment.
I can’t specify who or when for you. I don’t claim have enough expertise in this field to predict it. But https://www.nytimes.com/2018/01/14/technology/artificial-int… names five well funded startups (Cerebras, Graphcore, Wave, Cambricon, and Horizon Robotics). And https://techcrunch.com/2017/12/24/the-ai-chip-startup-explos… has more details on some of them as well as more information about Google 2nd gen TPU and Apple’s proprietary GPU. I would expect any of them to take NVDA head on, but certainly they can compete in niches that cumulatively could be problematic. I have no doubt that VC is going to look at NVDA margins as an opportunity.