> On Nov 19, 2025, at 15:15, Tom Walker via groups.io 
> <[email protected]> wrote:
> 
> But what does that really mean if NVIDIA's sales are driven by tech titans 
> who are puffing up their own earnings reports with unrealistic depreciation 
> schedules?

Yahoo! posted record revenues in 2000 as the dot-com bubble bust. Some analysts 
at the time claimed, as I recall (I cannot quickly find a reference), that 
Yahoo!'s outstanding performance was inflated due to the amount of money dot 
com startups were borrowing to spend on Yahoo! and help establish their 
presence on the world wide web. Many of these companies would subsequently go 
bankrupt in 2000-2001. Yahoo! revenues dropped by a a third the next year, in 
2001.

Nvidia is collecting an order of magnitude more revenue and investment from 
tech giants than Yahoo! received from their startup customers. Nvidia made 
$130B in 2025 while Yahoo!'s record revenue in 2000 was $1.1B. So if this is a 
prelude to a crash, it likely will be much worse than 2000.

Mark



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