All agree one day the chips for AI market will slow. For now Nvidia can sell all they can make and at very profitable prices. Competition is building but so far the Nvida moat is strong.
This not unlike the argument made for Apple a while back. Once you get to be number one in market cap how can you expect share price to double? Growth has to slow.
But forward price earning ratio for Nvidia is not high for a growth stock. Its hard to see PE falling below that of Apple which clearly has maturing markets.
Plus Nvida like Apple has first rate leadership and a strongly innovative culture. It seems likely they will find the next big thing as current markets mature. Nvidia is not a one trick pony. Successful companies adaot and reinvent themselves as markets change.