You answered your own question. People do not dig in the Sacramento right anymore for gold, because, it is gone. If you can train models for 1/100 the cost, and you sell model training chips, you probably are not going to sell as many chips.
That's why the shovel maker from back then are selling mining machines today.
Everyone here thinks Nvidia is dommed because of training efficiency.
But what has Nvidia been doing for the past decade? Correct increasing training and inferencing efficiency by magnitudes.
Try to train GPT4 on 10k of Volta, Ampere, Hopper and then Blackwell.
What has happened since then? Nvidia has increased their sales in magnitudes.
Why? Because thanks to improvement in data, in algorithms, compute efficiency ChatGPT was possible in the first place.
Imagine Nvidia wouldn't exist. When do you think the ChatGPT moment would happen on CPUs? LOL
Going back to my first sentence. Nvidia started also with small shovels which were GeForce cards with CUDA. Today Nvidia is selling huge GPU clusters (mining machines, yes pun intended ^^).
You answered your own question. People do not dig in the Sacramento right anymore for gold, because, it is gone. If you can train models for 1/100 the cost, and you sell model training chips, you probably are not going to sell as many chips.