Nvidia just took a $1 billion stake in Nokia—and Nokia plans to spend that money buying Nvidia’s own AI chips. It’s not the first time. Nvidia’s done similar deals with OpenAI, CoreWeave, and xAI, fueling record demand for its GPUs. But is this smart strategy—or circular financing? Some call it vendor financing, others say it’s round-tripping—a tactic that helped inflate the dot-com bubble two decades ago.
Lance Roberts & Michael Lebowitz unpack how the AI industry may be funding itself, why that’s raising eyebrows, and what investors should watch for as the hype builds.

0:19 - Are Tariffs a Tax?
4:03 - Buy-the-Dip'er's Continue their March
8:40 - Michael's Fed re-cap - Stealth QE?
14:08 - Where is All the Liquidity Going?
17:45 - What Will Trigger QE?
19:16 - The Fed's QE Trap
21:13 - Stress in the REPO Market
24:15 - Market Froth & Valuations - the Mag-7
28:57 - Where the Debt is Piling Up in Anticipation of AI Build
33:32 - Nvidia's Infinite Money Loop
37:32 - What If Projections & Expectations Are Not Realized?
42:55 - Looking at CAPE (as Nvidia is 8% of Market)

Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts, CIO, w Portfolio Manger, Michael Lebowitz, CFA

Produced by Brent Clanton, Executive Producer
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Articles Mentioned in Today's Show:
"Nvidia Deals: Round Tripping Or Vendor Financing?"
https://realinvestmentadvice.com/resources/blog/nvidia-deals-round-tripping-or-vendor-financing/
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The latest installment of our new feature, Before the Bell, "Buy-the-Dip Isn't Dead Yet" is here:
https://www.youtube.com/watch?v=UU_zCk3hYhs&list=PLwNgo56zE4RAbkqxgdj-8GOvjZTp9_Zlz&index=1
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Our Previous Show, "6 Moves You Should Make Now Before RMDs Start," is here:
https://www.youtube.com/watch?v=G0B99SnHJ4U&list=PLVT8LcWPeAugpcGzM8hHyEP11lE87RYPe&index=1&t=24s
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