A Trillion Dollar Math Glitch Emerges In The Heart Of The AI Bull Case

Tons of digital ink has been spilled writing about arguably what is the weakest link inside the AI bubble: the unprecedented amount of circular financing (discussed here in detail), which even the BIS warned about this summer, yet which nobody really cares about as long as stocks keep rising (the moment they stumble, however, you will never hear the end of how it was "obvious to everyone" what would happen). It looks like this.