While I agree with everything you said, I thought the same that after Crypto, Nvidia is done. They did have a dip, before AI jackpot hit.
Once models hit, new chips are bought and installed, it will be another year or two. So they are good for 2-3 years. They are also aware of this issue, I think they are working on CPUs and other businesses, so it won't be total loss. But I agree, sustaining stock at this price level seems unrealistic as of now.