By TradingView
Publication Date: 2026-11-06 18:18:00
Nvidia NVDA is starting to look uncomfortably similar to Cisco at the peak of the dot-com boom, according to veteran investor George Noble.
Noble warned Thursday that Nvidia is increasingly helping finance the same ecosystem buying its AI hardware, creating what he sees as a potentially dangerous feedback loop.
His concern centers on customer financing, lease guarantees and equity investments in startups that ultimately spend heavily on Nvidia chips.
The comparison is important because Cisco used aggressive vendor financing during the late 1990s to help customers buy networking equipment. When many of those customers later struggled, demand collapsed and Cisco shares eventually fell about 89% from their peak, according to Noble’s analogy.
Nvidia’s model is not identical.
The company announced in August that it was partnering with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish AI-compute financing platforms capable of mobilizing more than $500 billion of…
