I do think they targeted the wrong business. I'm old enough to remember AMZN losing what I think was well over 80% of it's value over the course of the first dot-com crash if I'm recalling correctly. And it was one of the first stocks to get hit.
This is kind of feeling like that to me. When this is over, I'm wondering if NVidia doesn't come out even stronger than it was when we started? There's just something that smells way too familiar about what's happening.
I'm thinking one could wait for NVidia to become a victim of negativity hype, and I bet you could buy and go long at that point. If the market gets irrational and cuts 80% of NVidia's value, man, it's pretty hard to think up a better opportunity than that laying around? I guess we'll see what happens.
I certainly think NVidia is in a better position than software and services businesses to benefit from LLMs long term. If more powerful hardware is needed, they will profit. The question is how long it takes for the hardware prices to fall.
its VERY like the dotcom boom.