Buy GOOG by Oct 1, 2027.

There's some nasty circular financing going on between chipmakers, cloud providers and AI labs, and it makes revenue look bigger than it really is. Building a data center is much harder and slower than a lot of builders have promised, so there's probably a huge amount of GPUs sitting in storage, waiting to be installed. And there's a huge amount of debt in the market, some of it off the books, that can blow up if those data centers aren't …