Jim Cramer warns AI's circular financing frenzy echoes the dot-com bubble

Financial analyst Jim Cramer warns that the current wave of AI investment, where chipmaker Nvidia is investing heavily in its own customers like OpenAI and guaranteeing financing for their projects, mirrors the risky lending practices that fueled the dot-com bubble (the late 1990s tech industry collapse). He cautions that if these AI companies cannot eventually pay for the expensive chips they're buying, Nvidia and other investors could face major losses, similar to what happened when telecom equipment makers financed their customers' purchases in 2000.