[cl42]

Great points. I am bullish on AI but also wary of accounting practices. Tom says Nvidia's financials are different from Lucent's but that doesn't mean we shouldn't be wary.

The Economist has a great discussion on depreciation assumptions having a huge impact on how the finances of the cloud vendors are perceived[1].

Revenue recognition and expectations around Oracle could also be what bursts the bubble. Coreweave or Oracle could be the weak point, even if Nvidia is not.

[1] https://www.economist.com/business/2025/09/18/the-4trn-accou...