I think the system is more fragile than that. Infra providers even now have to raise money with junk rates meaning that are entering a debt spiral. If that compute doesn't come online because the infra providers are bankrupt Anthropic/Open ai can't hit their growth projections and Nvidia sales will drop as well.

And I am not even speculating if the growth/revenue projections are realistic in the first place, which, if not, would be another trigger

The markets appear to be hitting their limits first, and it’s the money that’s keeping this show on the road. Why do you think Anthropic is racing like mad towards an IPO?