Does Scott Galloway think NVIDIA's investment in Meta is circular financing?

Yes. Scott Galloway called NVIDIA's $3 billion investment in Meta, which is raising nearly $100 billion partly to buy NVIDIA chips, the textbook definition of circular financing, with AMD also putting $1 billion into the same raise. With NVIDIA also holding stakes in SpaceX, OpenAI and Anthropic, he asked whether NVIDIA's demand is organic or self-funded, and warned that deals like these unwind very fast if its stock falls.

Kara Swisher compared the pattern to AOL and to Sam Bankman-Fried financing much of the crypto sector.
Swisher said NVIDIA is reportedly under DOJ investigation over its acquisition of Hugging Face.
Swisher said the bigger worry is concentration, with these companies relying on about three large customers.

▸In their words

“a company that's selling shovels, it's investing in the miners, and it also owns a stake in the bank” Scott Galloway · at 45:35 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on Pivot (2026-10-30). Read the whole episode summary →

▸More from this episode

Q1What did Kara Swisher and Scott Galloway say about Trump banning the term artificial intelligence?Q2Why did Elon Musk say Scott Galloway never had a clue, and why does Galloway call Musk a traitor?Q3What do Kara Swisher and Scott Galloway predict for the midterm elections on Pivot?Q4What does Scott Galloway say about Microsoft's buyout offer to 60,000 employees and how to run layoffs?Q5Why did Alphabet stock drop after earnings, according to Kara Swisher and Scott Galloway?Q7Why is Scott Galloway bullish on Anthropic's IPO?Q8What does Scott Galloway predict about Instagram's 90-minute Features videos and streaming?

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