Nvidia just booked $500B in AI chip orders through 2026. Bigger than Portugal's entire GDP. But Nvidia is also an investor in the companies buying those chips. CoreWeave. Nebius. Equity in, GPUs bought, revenue flows back. Critics call it circular financing. Dot com vendor financing did the same thing in 1999. The IMF flagged it. The BIS flagged it. Meanwhile Q1 revenue hit $81.6B, up 85% YoY. Unstoppable demand or a well dressed bubble. Probably both, until it isn't.(Lark Davis)