The “Mag 7” make up so much of the US stock market, which makes up so much of the US “economy” and people’s wealth and pensions, that a backstop at minimum just to keep the skids greased for funding is quite possible IMHO.
But once there’s a backstop in place, expect the circular dealing and other shenanigans to ramp massively and blow up the bubble - would be the perfect catalyst to bust this cycle.
Dario explains well the ridiculous ponzi that OpenAI, Nvidia, and Oracle (amongst others) are perpetuating.
I see only 2 ways the “this time is different” thesis plays out:
1. The bubble they’ve blown would destroy the Dollar itself, so Treasury will be forced to bail them out and cover their fraudulent tracks, probably via nationalisation ala Intel
2. The banks keep ploughing in made up money because some C-level retards can be convinced LLMs will become Gods and they can have their piece of it
Otherwise this is a carbon copy of the Dotcom bubble playing out. The same tricks, the same fraud, the same greed, the same good ideas too early.
Dario thinks it’s the last innings, again I think he’s too early; mania hasn’t arrived yet.
https://justdario.com/2025/09/the-last-inning-of-nvidias-great-revenue-fabrication-scheme-just-started/
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