Nvidia’s data center revenue is 75.2 billion, and it is highly concentrated in a few mega cloud providers: Microsoft, Google, Meta, and Amazon. The fundamentals have completely shifted to enterprise procurement on a large scale. So should its valuation be benchmarked against AI infrastructure companies or high-end manufacturers? This is the fundamental reason behind the divergence in the stock price—because the market simply doesn’t know what label to put on it.

The harm to the crypto market is that if Nvidia’s valuation logic shifts from a “growth myth” to a “large-scale procurement stabilizer,” then the spillover effects of AI + crypto will be greatly reduced. BTC mining rigs, AI compute power leasing, and even DePIN projects are all relying on AI capital expenditure continuing to surge. Now that procurement has been scaled, the risk of big manufacturers cutting orders could transmit to the chain at any time. Institutional funds won’t pay for “procurement stability”—they want exponential growth. Nvidia’s shift in valuation paradigm is a heavy blow to high-beta assets in the crypto world. #Nvidia
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