There's lots of demand for travel, so airline capacity keeps growing, even though airlines are bad businesses that don't earn their cost of capital and are constantly squeezed by oil, wages and aircraft costs. NVDA = Boeing/Airbus + GE/Safran (order-book pricing power, plus recurring aftermarket) 
Memory = refiners (windfall profits when supply is tight, until the cycle turns) 
Neoclouds = aircraft lessors (levered, contracted bets on the residual value of depreciating assets) 
Shells/power/cooling = airports (nothing flies without them, so they get built) 
Models = airlines (huge capex, price wars, compute is jet fuel, researchers are the pilots' union) 
Apps that own the customer = The frontier models are fighting commoditization but market forces are trying to commoditize them. If demand for intelligence is there (which it is), then the buildout will continue, even if returns are poor for many of the players. Travelers win. Airlines rarely do.