The problem is - what happens when the AI bubble bursts for whatever reason, and suddenly NVIDIA has to deal with a lot of its high-margin business going away? With its outsized weight amongst most indices and consequently ETFs, even a small percentage of value correction will wipe out a lot of wealth.

We've seen that with the dot-com bubble in the past, a lot of the "dark fiber" that we use and rely on today was gotten for incredibly cheap after the collapse of debt-fueled customers and, subsequently, the collapse of the ISPs.

That scenario is what I am afraid of repeating, partially because a lot of the market (especially at the tail end, such as datacenter companies investing into buildouts, and consequently construction companies investing in machinery and staff) is fueled by debt and a domino-level collapse can trigger another cascading debt default crisis that can then send off banks into failure.