It’s a medium risk high reward strategy. You only fail here if all the customers fail, which admittedly there’s a chance of.

If one succeeds, and grows 10-100x, you are profitable. If a few succeed, you double your market cap.

Businesses fail long before all their customers fail. If Nvidia's sales decline and they lose their billions of dollars in investments at the same time you better believe their stock will tank. I'm not sure how you decided this is only medium risk. Especially when they have invested in customers with no profits (OpenAI) and/or severely depressed growth (Intel)

I did not say Nvidia does not have risk.

I specifically meant this circular investment idea is medium risk.

Of course Nvidia can tank if sales decline.