Nvidia Corporation is at the right edge of the first AI s-curve; this is transition, not peak. Cycles will be built, digested, and rebuilt as new compute waves (agents, inference) emerge. AI converts labor into compute; hiring restraint lifts margins while shifting opex to GPUs/cloud. Demand persists structurally; risk is capex digestion, not collapse. Custom silicon caps excess returns, not relevance; NVDA remains core in frontier compute. Valuation stretched near-term, but earnings compounding supports continued upside.