Ask HN: What is the evidence for a stock market bubble in AI?

A Hacker News discussion questions whether circular cash flows among top AI companies Nvidia, Anthropic, OpenAI, Google, and Meta should be banned due to systemic risks to the global economy, citing evidence of a stock market bubble in AI. The post argues that Nvidia is becoming a bank that may need to bail out failing AI and semiconductor companies, and that Nvidia CEO Jensen Huang opposes a China GPU ban because China will develop its own accelerators regardless, potentially catching up faster if banned.

Should the circular cash flows between the top AI companies, Nvidia, Anthropic, Openai, Google and Meta, be banned because of the systemic risks to the global economy? What is the evidence for a stock market bubble in AI? Nvidia becoming a bank and having to save / bailout failing AI and semiconductor companies. There is a reason why Jensen does not want a ban on China for selling his GPUs there: China will build their own GPUs or AI accelerators for cheap regardless, but they will get there faster if there was an NVIDIA GPU ban. They are already there on open weight models and Jensen knows that it is only a matter of time until China catches up with GPUs or other AI accelerators.