There have been lots of rumblings about potential fraudulent practices in their partnership with Coreweave and other datacenter builders. They issue huge amounts of debt to these datacenter buildrs, and they all put in orders for NVDA gpus that NVDA reports as revenue. These datacenter builders use GPUs as collateral on the debt. There's hedge funds like Magnetar Capital, who were neck deep in the CDO issuances in 2008, involved and getting their beak wet in these deals too. To me this sounds like the kind of thing that works as long as there is unlimited demand, but as soon as that stops the whole house of cards could fall and semis have historically always cyclical in nature.
Personally, I would be bearish on the thesis that the most well capitalized and staffed companies in the world like Meta/Google/Microsoft are going to be fine with paying tens of billions of dollars every year to their largest vendor (and biggest bottleneck) without finding their own workarounds and internal solutions. I know Google in parituclar is pretty far along in implementing their own specialized chips for LLMs and internal uses