I think I read this from Warren Buffett, but basically as of the early 2000s the airlines, in their entire history, had only managed to break even. If you had bought an airline company in 1940 and held it until 2000, you would have never profited from it. The business itself would be worth significantly more, but your only exit strategy would be to sell.

I haven't looked at any of these company's balance sheets, but it might be that semiconductor fabbing is less profitable and has less room for growth. In the short term that's all that matters. The question is if Nvidia can hold on to its current growth and margins (I don't think it can).

I think we've seen over many years at this point that there is huge value in the final product.