All that shows is who the business partners are. Nvidia sells GPUs, AI companies buy GPUs, and companies buy products from AI companies. For example, Microsoft’s Copilot is based on OpenAI’s models. End customers buy products from companies that either do AI themselves or buy products from AI companies.

All you’re seeing here is how markets work. If it’s a bubble, it’ll likely impact those in the picture, but it’s not a bubble because of the picture.