So Nvidia will lose 94.5% of their market cap, and you think that will not effect anything beyond AI?
A few thousand recently minted millionaires might become former-millionaires if they decide to HODL. Construction at these Manhattan-sized data centers might slow or stop. The tech industry might go back to solving problems for real people. I'm not really seeing a substantial downside.
Not any more than when one company beats out another.
There's an assumption here that Nvidia will stop innovating.