Yes

Yes

It's a massive red flag if the company is using it to inflate their revenue, or using debt based tools. Stock swap based vendor financing is a bit less red since nvidia/amd could get their investment back by unloading openai stock on other investors instead of waiting for their cashflows to ramp up.

It's the final phase of the cycle.

In theory, expect even higher amounts of "virtual" money being circulated (stock options deals), until people stop believing in it.

It's the time you can be certain that NASDAQ will go only up.

Until it doesn't.

Then we will learn how much money came from banks financing either directly those GPU deals, or indirectly (energy, infra etc).

Lots of depreciation will happen.

Then banks will start posting huge lossess, and then FED will need to rescue it all, because it goes on a spiral and can end up worse if they don't do anything.