Markets were largely sideways, led early by a resurgence in Apple, with the rest of the tape struggling to hold gains… until the Nvidia–OpenAI headline hit. Reuters reports a structure where Nvidia invests up to $100bn for non voting shares, and OpenAI uses the cash to buy Nvidia chips, with a plan to deploy of what could be at least 10GW of Nvidia systems. NVDA ripped… TSMC +3%/rest of AI supply chain higher and Oracle popped on the read through that it likely builds a big chunk of the compute. Ok definitely not old enough to have been around trading during the tech bubble and multiples are nowhere near that point in time... That said, vendor financing was a feature of that era and when when the telecom equipment makers (Cisco, Lucent, Nortel, etc.) extended loans, equity investments, or credit guarantees to their customers who then used the cash/credit to buy back the equipment… well suffice it to say, it did not end well for anyone.