It's worse than that. One side of the "circle" is 40 billion, the other side is 300. Why not just subtract it, and say 260 billion is going one way.

The real story is that Nvidia is accepting equity in their customers as a payment for their hardware. "What, you don't have cash to buy our chips? That's OK, you can pay by giving us 10% of everything you earn in perpetuity."

This has happened before, let's call it the "selling the goose that lays golden eggs scan." You can buy our machine that converts electricity into cash, but we will only take preorders, after all it is such a good deal. Then, after bulding the machines with the said preorder money, they of course plugged the machines in themselves instead of shipping them, claiming various "delays" in production. Here I'm talking about the bitcoin mining hardware when the said hardware first appeared.

Nvidia is doing similar thing, just instead of doing it 100% themselves, they are 10% in by acquiring the equity in their customers.

> Here I'm talking about the bitcoin mining hardware when the said hardware first appeared.

even better, we take preorders, while we delay for 1 year, we run the ASICs ourselves with way outsized TH/s power compared to the world. Once we develop the next one, we release the 'new' one to the public with 1/10th of the power.