Got it. As I mentioned, owning shares isn't "control" (absent a separate agreement), so they have no control to force anything, they can just choose to dump their shares, depressing the share price while losing money themselves.

> hyperscalers will just get drastic haircuts.

I think everyone may get drastic haircuts (though I'm still hoping for a 'soft unwind' type slow-mo crash, I don't think the odds are good). Hyperscalers are what probably breaks first and worst because more of their money is from creditors vs investors, combined with, more of their creditors are financial speculators / banks who have no vested interest in propping up the AI market (like an NV, FL do). They are only loyal to their cash.