nah, they’re basically the best shovel sellers around. practically all their deals take payment up front for the hardware (+lease obligation) on top of some form of constant monetization for the compute used a/o various types of financing schemes (that involve getting outside parties, generally private credit, to foot the bill).
jensen knows this game very well and is playing everyone else superbly.
it’s obviously a bubble and they will correct along with everything else eventually, but compared to the rest NVDA will likely come out far far ahead of everyone else because they bring in actual revenue.