I would say this is likely to happen.
It all depends on the judgement for a company if the company provides a "real" value - in the "old sense".
However these current companies with a real value core will shrink quite substantial.
I compared that just recently in a discussion with collegues to the "Deutsche Telekom"(*) from the 2000s, its also still around, but it has cost many people of their savings - due to their new found interest in the stock market.
Using the 2000s and the 2008s as a base scheme, many companies went bankrupt or were bought up, stock prices dunked to a certain lower degree - also sometimes overexagregated.
However back in the 2000s a certain amount of the new economy companies were not even aiming for a break even (historified into many Futurama jokes) and some of them were just hollow shells in for ripping investors of their blindly invested money.
In contrast to that AI in the form of ML has certain "real" use cases, but sometimes the use cases it is applied to just don't really work out completely .. the junk is mopped up by humans in India mostly.
And Nvidia in this case is a keystone a holder of knoledge so is AMD and Intel, but in NVidias case the overvaluation is just apparent.
When even the CEO of Microsoft pointed out recently that there are data centers fully equipped with Nvidia hardware - inoperative because there is just not enough utility power available.
These no-data-centers clearly do not build up value, they just produced cost to build and to maintain.
(* german former state owned teleco that was privatised and went public and sold the stock in three tranches, each one realizing a higher price, and when you view the stock around the 2000s its basically a needle)