Imagine an s-curve relating capital expenditure on compute and "performance" as the y-axis. It's possible that this does not change the upper bound of the s-curve but just shifts the performance gains way to the left. Such a scenario would wipe out a huge amount of the value of Nvidia.
I don't think it matters much to Nvidia so long as they're the market leader. If AI gets cheaper to compute it just changes who buys. Goes from hyperscalers to there being an AI chip in every phone, tablet, laptop, etc. still lots and lots of money to be made.
