I would argue it just means the game doesn't suddenly change all at once. If the game changes slowly, in the short term it'll be good for Nvidia. It will take quite a while for it to affect Nvidia.

Google, Amazon and Meta are to some extent solving the wrong problem, or not solving the whole problem. They're designing chips ... which they can't build because they don't have the infrastructure and don't have as long running contracts as Nvidia does. They can't match Nvidia even at 3nm, at 10nm ... Now, maybe they can go with Intel (though several have tried and given up), but ...