AI Chip Race and Systemic Risk

Circular financing concerns deepen: Nvidia/OpenAI $250B credit wrap, CoreWeave $4.7B negative FCF, Jim Cramer warns of dot-com echo. Google's Frozen V2 TPU bypasses CoWoS, challenging TSMC. HBM shortages into 2027. US-China hardware ban escalates competition. Chip stocks in bear territory (SOX -20%).