to me bigger problem emerges if you assume all those companies in the 'circular financing infographic' as one conglomerate. then essentially all you are left with is real demand for AI & I just dont really see much of it besides Hype and FOMO. that falls away the moment CFOs get 'permission' to ignore the AI growth story. besides that I only see coding bot and openAI's consumer subscription business. I dont see that becoming $1T business anytime soon. so what gives? I think Burry is right but I am not sure of timing because they just need one funder to extend and pretend for a few more quarters & DJT can do it under guise of datacenter jobs etc.

Circular thing is bad too but from a different angle, Imagine if the whole TPU vs GPU thing erodes Nvidia's moat and its profit margins compress. if that happens how long it can keep feeding the same unproductive 'pets.AI' type startups? one break in the narrative and tragedy of commons strikes. will it happen soon? anybody's guess but given Trump is at helm and there is going to be new Fed chief, I doubt it would be anywhere near soon. Definitely not before mid-terms are locked in.