It is not only a Bubble, it is worse than a Bubble, it is a speculative Frenzy. The S&P 500 is now trading at 3.3x sales, its highest valuation in history. If you think $NVDA $AVGO are different… Go ask $CSCO and $NOK what happened after the Dotcom bubble popped.

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It’s their fastest-growing, most concentrated segment. If one pulls back, everything suffers, including margins, hiring, and priorities.


“Circular GPU deals like this are a hallmark of late-stage bubbles. NVIDIA sells GPUs to CoreWeave, CoreWeave signs multibillion-dollar contracts back with NVIDIA, and the cycle creates the illusion of endless demand. On paper, it looks like growth. In reality, it is the same dollars being recycled to pump valuations.

We saw this movie before. During the dot-com mania, telecom companies signed massive capacity deals with each other, building fiber nobody used, while investors cheered. Revenues were booked, stocks soared, and then the whole thing collapsed when the lack of real end demand was exposed. The charts from 2000 rhyme perfectly with what we are watching today.

This is how bubbles sustain themselves at the peak—through financial engineering, not fundamentals. When the unwind comes, it will not be gradual. The dot-com bust erased trillions in months. AI and GPU hype is heading down the same path if real-world adoption cannot catch up.”