Goldman's head of Delta One slams Nvidia's increasingly grotesque vendor financing circle jerk "... definitely not old enough to have been around trading during the tech bubble and let’s level set, multiples are now where near that point in time. That said, vendor financing was a feature of that era and when when the telecom equipment makers (Cisco, Lucent, Nortel, etc.) extended loans, equity investments, or credit guarantees to their customers who then used the cash/credit to buy back the equipment…well suffice it to say, it did not end well for anyone." - Rich Privorotsky(zerohedge)