I’m not sure how you mean “… very-in-demand product, that is not likely to last forever…” is an analogue for a sovereign wealth fund, but there is also the issue of one interpretation of what you said very much providing an avenue for sustainability; that all the GPUs for all the AI systems are all going to burn up and/or become outdated in a mere 3-5 years, prompting repurchases.
I’m aware there are some efforts in play to offer alternatives to GPUs and compete with Nvidia, but I don’t see a path for how that actually happens in the near term with Nvidia's market dominance, short of revolutionary technological breakthrough or possibly even anti-trusting Nvidia.
I suspect what you mean is the circular business practices that we’ve been seeing, seemingly starting with Nvidia for some reason. Is that the aspect you are comparing to some sovereign wealth funds that through simply massive scale, they are capturing the whole lifetime cycle in some places and domains?
Im saying that Nvidia’s current monopoly isn’t going to last forever. The product space will (very likely) still exist, but in 10 years Nvidia may not be able to get the ~80% margins it currently does (due to competition, technological changes, etc).
When that happens, they’ll still have their fingers in all the pies.
It’s arguably a much better approach for Nvidia as a company.