There are four things that can go wrong for Nvidia, but only end-user demand really matters. 1. Direct customers stop buying compute. Not going to happen, the hyperscalers are exploding.  2. Worries around roundtripping cause problems. Also not happening, Nvidia is kicking off so much cash that they can’t spend it fast enough.   3. Competition. In theory, one or five other startups could take significant market share. It’s probably already happening, but when you start at 90%+, it takes a long time to show up in the numbers. 4. End-user demand. This is all that matters. Everybody gets to sell chips to hyperscalers, provided hyperscalers can sell compute to OpenAI and Anthropic, provided they can sell intelligence to end customers. Right now that’s happening, so everything down the line is plus or minus fine. If it ever unravels, it won’t be because of roundtripping. It will be because the frontier models forecasted 5x growth in end-user demand and only got 3x.