Maybe, but CPUs are coming out with LLM tuned chips, and I can run a basic model on an i5, 8gb ram, and no dedicated card. It's not super powerful, but for most users, it's more than enough for what they use the big models for. Also, if it does take a discrete card to get that needed boost in performance, then at least consumers would be able to get GPUs again.
I think as hardware improve and is further designed around LLM efficiency, and local models are tuned for specific uses and being able to run on lesser hardware, it will make Nvidia obsolete for large swaths of the population. A good GPU will still be necessary for high performance, graphic/physics intense gaming, but that's a really small subset of all users.
Hopefully Nvidia just shits and has to grovel back to the consumer to get there marketshare back when all of the DCs go tits up.