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The Nvidia stock is based on expected demand. The idea is they are the top dog when it comes to Ai compute. So as the world ramps up in putting shitty Ai in everything we can, the future demand on Nvidia stuff goes up and up. No serious competition is expected, so people are buying stock in expectation of huge profits in the future. So for a brief time right before the resource hungry shitty Ai destroys the planet, a lot of rich people will become even richer than before.
However this new Ai has shown you can make a just as shitty Ai, but using a lot less compute. This not only lowers the demand for Nvidia products, because less compute is needed. It also boosts supply because less capable competitor hardware might be in the running after all.
The stock market is pretty dumb, so instead of being fully dependent on supply and demand, it's also heavily based on expected supply and demand, which in turn are based on promises and hype. And because it's become so easy to trade these days, it can get very volatile because there are traders that just jump on any hype train and sell at the first sign of trouble. These amplify stock movements a lot. This has lead to the dot com bubble in overdrive, a lot of stock is so hyper inflated it isn't connected to reality anymore. See for example Tesla stock or in this case Nvidia.
So yeah basically late stage capitalism at work.