What's most interesting is that this is driven by the AI boom as the tech companies themselves secure and drive circular earnings that have not yet paid off yet.
NVidia sells chips to broadcom which books capacity commitments from Meta who then invests again in NVidia to develop its own chips.
This isn't bad - seller financing works in cars.
The issue is that they need to sell more stuff (ads, products, AI) to 'normal consumers' eventually.
It's going to be an interesting 2027 and 2028!