I still recall, as a young engineer (1999) working in a high-flying startup outside of Boston -- bright-eyed and bushy-tailed and full of naive optimism -- I flew to Houston in late '99 to demo a fabulous optical networking switch to ENRON, all the while thinking why in the world would ENRON want to be in the business of networking. Ended up selling them a TON of very expensive equipment.

It all unwound a few months later, much to my chagrin (and my lost stock options, obviously).

Recall that most bubbles do not pop due to one, key material cause. Instead, they pop due to adjacent troubles that, in turn, lead to cascading effects.

That was true of:

- LTCM failure (1998; Thailand and other SE Asian countries defaulted);

- 2000 market crash (dot-coms crash, then telecom crash of 2001);

- 2008-2010 financial crisis (mortgage backed securities); ... and so many others before these.

It's entirely possible that NVDA, despite earning $$$$, could unwind the circular funding within the ecosystem (the very crux of telecom market crash of 2001)