Circular Financing: Does Nvidia's $110B Bet Echo the Telecom Bubble?

Tomasz Tunguz • October 7, 2025

Nvidia's $110B vendor financing strategy mirrors Lucent's telecom bubble playbook. Analyzing customer concentration, GPU-backed debt, depreciation schedules & cash flow patterns to assess AI bubble risks.

When Nvidia announced a $100 billion investment commitment to OpenAI1 in September 2025 , analysts immediately drew comparisons to the telecom bubble. The concern : is this vendor financing , where a… [+12713 chars]

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Circular Financing: Does Nvidia's $110B Bet Echo the Telecom Bubble?

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