Nvidia's stock surge is reminiscent of Tesla's rally in 2020 that took its valuation over $1 trillion, based on expectations around EVs. Parallels can be drawn between the high expectations placed on Nvidia's AI future and those previously placed on Tesla's EV future. However, EV demand is slowing as early adopters are satisfied, and prices deter mainstream consumers, dragging down Tesla's stock. Nvidia is delivering massive profits from AI demand currently, but competitors are moving aggressively into the AI chip market, and not all projected uses of AI may materialize as expected.