He rambles for "the humour bit" for a while, but I think the thrust of it is in the last two sections https://www.wheresyoured.at/nvidia-isnt-enron-so-what-is-i

He rambles for "the humour bit" for a while, but I think the thrust of it is in the last two sections https://www.wheresyoured.at/nvidia-isnt-enron-so-what-is-it/#why-is-anybody-still-buying-gpus-this-is-all-insane https://www.wheresyoured.at/nvidia-isnt-enron-so-what-is-it/... : Nvidia's valuation is dependent on an enormous amount of debt around the industry being funnelled to them, there doesn't seem to be a way to profit on this debt, so something is going to have to give.