> Hasn't there been a _lot_ of debt to buy up Nvidia GPUs?

I believe that's been concentrated at the hyperscaler layer, and subsided when the aforementioned private-credit scare reared its head. (I haven't heard a big datacenter debt deal announced in a while. Though of course that doesn't mean they aren't being done.)

And we're still extremely compute constrained. We need more Nvidia GPUs, RAM, power.