Like how nVidia buys equity in a customer and in part promises expensive real product as part of it. So they may have so many billions worth of equity in a customer and might be able to leverage that to fund that production if needed, but if that equity evaporates, then they still are on the hook for the expensive product committment.

So maybe not yet straightforward debt, but a whole lot of expensive balls in the air that could manifest as a committed expense when there’s no actual money to execute…

Just seems like a lot of financial moves that are far from straightforward of a magnitude that could wipe a company out.