This statement here, "Microsoft, Google, Oracle and Meta pour billions into Nvidia chips and servers, they’re also quietly stretching out depreciation schedules to make earnings look smoother", is sort of saying basing your forward value to the commodity you have bought. This is similar to Strategy's value based on the amount and value of Bitcoin it holds.
And the recent realisation that many if these tech companies support each other by using cash to round-trip their own sales/revenue is really worrying. Especially as these few tech companies are now dominating such a huge portion of the index they are grouped in.
I have never seena bubble so large before and I fear the music will soon stop.
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