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Couldn’t AI and tech be paying AI and tech? Or I’m not sure how this is calculated - the government? Consumers?
It could --- and it does.

Nvidia is currently "investing" billions in the company's that buy and support it's products. And at the same time, Nvidia is "investing" in itself with plans to buyback hundreds of billions of it's own stock.

But as you might expect, this "circular financing" can't continue indefinitely --- just like with any Ponzi scheme

Long story short --- it's a bubble.