When Nvidia announced a $100 billion investment commitment to OpenAI1 in September 2025 , analysts immediately drew comparisons to the telecom bubble. The concern : is this vendor financing , where a supplier lends money to customers so they can buy the supplier’s products , a harbinger of another spectacular collapse? American tech companies will spend $300-400 billion on AI infrastructure in 20252,3 , exceeding any prior single-year corporate infrastructure investment in nominal dollars.3 Davi...