They’re not building them for themselves, they’re selling GPU time and SuperPods. Their valuation is because there’s STILL a lineup a mile long for their flagship GPUs. I get that people think AI is a fad, and it’s public form may be, but there’s thousands of GPU powered projects going on behind closed doors that are going to consume whatever GPUs get made for a long time.
Well, I’m no stockologist, but I believe when your company has a perpetual sales backlog with a 15-year head start on your competition, that should lead to a pretty high valuation.