[kalap_ur]

I just heard a thesis that there is no bubble unless there is debt in it. Currently mostly internal funds were used for increasing capex. More recently started we seeing circularity (NVDA -> OpenAI -> MSFT -> NVDA), thus this is less relevant so far yet. Especially as around ~70% of data center is viewed to be GPU, so NVDA putting down $100B, that essentially funds "only" $140B of data center capex.

META is spending 45% of their _sales_ of capex. So I wonder when are they going to up their game with a little debt sprinkled on.