THE ENRON PLAYBOOK… BUT THIS TIME IT’S AI $NVDA $CRWV $MSFT $AMZN $GOOG $META This chart from Morgan Stanley caught my attention. Here’s what is happening in simple terms. Imagine a new AI company wants to buy $10 billion of NVIDIA GPUs. But that company doesn't have $10 billion. So it borrows money to buy NVIDIA's GPUs. The GPUs are then EXPECTED to generate enough money from customers to pay off that debt. But NVIDIA isn't necessarily just the seller. NVIDIA can also invest in the companies buying its own chips and GPUs, participate in their economics, and help support the financing. That means NVIDIA can have a financial interest in the very companies responsible for buying its own products! And that's the part that reminds me of Enron. Enron used complicated financial arrangements and separate companies to move money and risk around its business, making its financial position look healthier than it really was. I'm NOT saying NVIDIA is committing fraud. But the question is worth asking If NVIDIA helps finance the ecosystem that buys NVIDIA's own GPUs... How much of the incredible AI spending is coming from genuine customer demand - and how much is being fueled by financing? Because there's a HUGE difference between a customer buying $10B of GPUs with cash... and a customer borrowing $10B to buy them and hoping future AI revenue pays the bill. HOUSE OF CARDS