I don't agree with the GP, but I tthink the logic is that most of the money that AI startups pay is ultimately going to Nvidia. So, if most of the money is comi

I don't agree with the GP, but I tthink the logic is that most of the money that AI startups pay is ultimately going to Nvidia. So, if most of the money is coming from Nvidia and going back to Nvidia, then Nvidia is self-dealings to some extent and artificially increasing their own valuation. Of course, this doesn't make it a Ponzi scheme, it would at best be a different type of fraud. And it ignores the fact that the money isn't moving so directly - the AI companies are typically buying GPU compute power from a cloud provider, and it is the cloud provider paying Nvidia. Still, if you're investing in Nvidia, you should keep an eye on this. It may mean that some of the increased demand for Nvidia GPUs is artificially sustained by Nvidia itself.