Nvidia keeps selling chips, but the places that are supposed to run them are not ready. Amazon is buying billions worth of Nvidia hardware and just storing it in warehouses because the data centers do not have enough power to turn the stuff on. That is not a small problem, but the whole chain is seizing up.
And it gets worse. Dozens of large data center projects in the US have been delayed, pulled, or blocked this year. The money is drying up too. CoreWeave, one of the biggest buyers, has bonds trading like the company is already in trouble. If the people buying Nvidia chips cannot finish their buildings or borrow money, they stop buying chips. Simple as that.