[redwood]

TLDR: Lucent was committing various forms of accounting fraud and had an unhealthy cash flow position, and had their primary customers on economically dangerous ground. Nvidia meanwhile appears to be above board, has strong cash flow, and has extremely strong dominant customers (eg customers that could reduce spending but can survive a downturn). Therefore there's no clear takeaway: similarities but also differences. Risk and a lot of debt as well as hyperscalers insulating themselves from some of that risk... but at the same time as lot more cash to burn.