If healthy and risky circular financing deals look similar at first, how can investors or regulators tell when a circular deal has crossed the line into something dangerous...especially when it's off the balance sheets?

This has been bugging me quite a bit. I think the more "off-balance-sheet" the deal is, the shadier it gets... But it's really hard to tell early on.

I actually think Nvidia's deals have been above-board, generally speaking, because they are transaprent.

Less true for Meta and Terawulf.