Nvidia just dropped what might be twenty billion dollars on a "licensing agreement" with Groq—the AI chip startup built by the guy who invented Google's TPU, specifically designed to challenge Nvidia's dominance—then immediately hired the founder and called it a partnership while refusing to clarify the deal size. This is the same Nvidia that's now locked into at least one hundred twenty-five billion in circular deals this year, financing the customers who buy their chips to build AI infrastructure that runs on their chips, which has even their biggest fans nervously invoking telecom bubble vendor financing comparisons. Either we're watching the foundation of a new tech empire or the late stages of a massively interconnected house of cards where the only way to keep growing is to bankroll your own demand.