A Semafor piece notes that OpenAI and Anthropic need to borrow money but lack profits or creditworthiness, with Nvidia providing a "$250 billion backstop" to OpenAI to lease space at the largest data center ever built. Nvidia is essentially lending its own investment-grade rating because OpenAI lacks one; Broadcom did the same for Anthropic weeks earlier. The arrangement is compared to a top employee cosigning a lease for a boss whose company pays the employee but makes no money. The article describes these transactions as "definitional signs of a bubble (or possibly even fraud)" baked into the AI industry's structure. It contrasts the AI boom with the dot-com bubble, noting the latter was "genuinely broadly based" with many companies and investors, while the AI boom is "driven overwhelmingly by the existing tech monopoly platforms," with new entrants like Anthropic and OpenAI heavily tied to the same capital sources and people.