Unlike that weird technology "the web", the basis of the .com bubble. Turned out to have no value in it!

So all those vendor financed startup may die, taking the VC funds with them, but that is irrelevant to whether the tech stays around or not.

You then followed up by pointing out a way in which it's exactly the same as the .com bubble. One might even say it's their biggest common ground.

The problem comes in if my idea doesn't end up generating a return. NVDA has not only sold me my GPUs, but it's also leveraged itself to my return. Repeat this across many businesses, none of which are generating returns yet. This is why when/if this unwinds it's going to be pretty catastrophic. As Charlie Munger said, "There are only three ways a smart person can go broke: liquor, ladies, and leverage".