The post suggests that while there is "circular financing" among Nvidia, Microsoft, Amazon, and Google investing in AI companies like OpenAI and Anthropic, it's driven by real, independent demand for AI compute. This differs from the dot-com bubble, as current GPU supply is immediately utilized, and AI monetization (e.g., Waymo, ChatGPT MAU, enterprise adoption) shows strong early growth. Investors should consider that the investments by these tech giants are likely based on genuine, growing demand for AI services, justifying the continued capital allocation and potential for future revenue growth.