> “as long as it’s cash flow continues” is doing a lot of optimistic heavy lifting

It's not. It's stating a condition. For traditional banks, a stock crash can independently trigger a failure.

> whole premise of the circular financing worry is that Nvidia sits in the middle of all the guarantees made to companies like OpenAI. If any of those companies become insolvent, Nvidia is on the hook for it

Sorry, I meant revenues. If Nvidia's revenues stay stable, these commitments aren't a problem. Even if the stock price crashes.

> Nvidia isn’t really creating money

It absolutely is. Similar to the way banks create money [1]. The commitments support credit that wouldn't exist without it.

[1] https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...