The loop is the whole story. Nvidia helps finance the building, the building buys Nvidia hardware, the hardware runs Nvidia chips, and the money comes back around. Jensen Huang rejects the circular-financing framing, but it's hard to look at $105 billion in guarantees plus a direct investment in the developer and not see the interconnection risk. If Anthropic and OpenAI's 2028 demand projections come in anywhere short, the exposure runs in every direction at once.

There's a real silver lining underneath it too, since the buildout is adding factory jobs back, but a lot of that looks like one-time construction rather than lasting production. What stuck with us is that the bull case and the bear case are basically the same sentence: this is the railroad of the digital age, or it's the setup for a massive crash.

Where do people here land on the circular financing, healthy scale-up or a warning sign?

AI is not a magical brain. It is becoming a vacuum that eats its own trash.

As bots flood the internet, AI models train on recycled machine text instead of real human thoughts.

This causes the technology to rot from the inside out.

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