Nvidia is a victim of the compute marketplace it created

Nvidia, once the dominant force in AI infrastructure, is seeing its stock price decline as GPU shortages ease and competition increases. While investors previously flocked to Nvidia, capital is now shifting toward memory companies like Micron. This shift occurs because data centers face a significant memory bottleneck, allowing memory chip suppliers to raise prices. Meanwhile, the cost of renting compute time on Nvidia GPUs is falling due to increased supply and the emergence of custom chips from major tech companies like Google, Amazon, and Microsoft, leaving Nvidia struggling against the very market environment it helped establish.

(Source：TechCrunch)