Personally I don't understand how the stock market and everyone else I guess can value Nvidia so highly.
Sure they have CUDA, but I bet it's replicate able. If there is a will there is a way. To me it's just a matter of time before AMD is close to equal when it comes to AI GPUs. They both have similar pc gaming gfx card performmance, so the actual hardware is not the problem.
On top of that there is already cheap solutions for AI interference, using the actual AI models, like Groq.