Whenever a company is aligning their earnings and always beating them, you should ask questions. If you've ever read the book "Smartest guys in the Room" that's the biggest tell.
It's a market where line has to go up, so bad behaviour is demanded.
Giving OpenAI $30 billion, so that they can spend $30 billion on GPUs, so that you can now report your own $30 billion as revenue is market manipulation and an attempt to get others to invest in this "$300 billion" market, so OpenAI can pay their bonuses and can give Nvidia their 40%.
LLMs might be really good at converting your USB debugging script from Python to Go, and it might do a passable enough translation that you don't need to use Google translate but that's not a $300 billion market.
Amazon cooked their books into the negative for years and only recently went positive. All nvidia has to do it pay out the gov't ( like they already are) and things are fine.
There is a lot of suspicious behavior, and if the top analyst at Morgan Stanley is saying it - their chief investment officer - then I think there is at least some smoke. The suspicious behavior could be considered the flames.
