When the circularity questions got loud November of 2025, Nvidia’s formal rebuttal was that its “strategic” investments in its customers ‘represent a minimal portion of revenue’ already booked. Granted. However, BIS’s chart is about the announced multi-year commitments. This is the forward book, part of Jensen’s “visibility” to $1 trillion. There, circular financing is nearly 100% to date.Short Thoughts - NVDA, Neos, Hyperscalers, Jevons Paradox, and Compression https://t.co/vsnDGsyikt ...