But I would still be bullish in the long term for GPU manufacturing. Between blockchain, AR/VR, AI, and just cryptography in general - it seems like all the computing technologies of the future are heavily GPU dependent. Even if AI flops, it seems like something will come along and drive demand for GPUs.
If you can't develop a counter-argument to that, there's no reason to believe another AI winter is coming.
Same sort of hype bubbles happened with Intel, Cisco, etc in the late 1990s into to the 2000s.