I think a better analogy is the valuation of Intel vs. that of Microsoft. For a long time, Intel dominated the CPU market. So you'd expect them to be the most valuable company. Instead, a small startup called Microsoft started dominating the software market and eventually became the most valuable company on the planet. The combined value of the software market is orders of magnitudes larger than that of all chip makers combined and has been for quite some time. The only reason people buy hardware is to use software.
The same is going to happen with AI. Yes, Nvidia and their competitors are going to do well. But most of the value will be in software ultimately.
GPUs and data centers are just infrastructure. Same for the electricity generation needed to power all that. The demand for AI is causing there to be a lot of demand for that stuff. And that's driving the cost of all of it down. The cheapest way to add power generation is wind and solar. And both are dominating new power generation addition. Chip manufacturers are very busy making better, cheaper, faster etc. chips. They are getting better rapidly. It's hard to see how NVidia can dominate this market indefinitely.
AI is going to be very economical long term. Cheap chips. Cheap power. Lots of value. That's why all the software companies are busy ramping up their infrastructure. IMHO investing in expensive nuclear projects is a bit desperate. But I can see the logic of not wanting to fall behind for the likes of Amazon, Google, MS, Apple, etc. They can sure afford to lose some billions and it's probably more important to them to have the power available quickly than to get it cheaply.