Nvidia stock price is now lower than it was a year ago. Has been declining for about 6 months, highly volatile, with a step sell off starting a month ago.

Cisco's stock price was similarly very high during the dotcom boom, but then collapsed, and took 17 years to build back up.

The thing people keep forgetting is nvidia makes graphics cards. Not CPUs, not a range of different products. Graphics cards. With a software moat. Their only business advantage is that people currently want a lot of their graphics cards and are currently dependent on their software. All that can be competed against. China is already putting out their own cards. Google has TPUs. AMD makes both CPUs and GPUs. The memory prices will soon fall as more capacity comes online.

It's practically a certainty that this stock price will keep falling. They're valuable, but in a competitive market, likely not 10x more valuable than their $17 stock price in 2022. When they fall harder so will the AI economy.