It's not about value, but return. Everyone likes to mention circular financing, which in of itself isn't an issue. If I have an amazing idea and NVDA wants to loan me money that's fine. My idea works out and we all end up billionaires.

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".