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SG Scott Galloway Scott Galloway Professor of marketing at NYU Stern and author of bestselling books including The Four and The Algebra of Wealth.

“I believe NVIDIA has agreed to purchase or participate in the debt offering of Meta. And some of that money will be used to buy NVIDIA chips. So NVIDIA is not only selling the picks and the shovels, they're financing the mine, and they own the bank that's loaning the money to finance the mine to buy those shovels. It is literally the mother of all circular deals.”

Prof G Markets · Money & Markets · November 2026

“I believe NVIDIA has agreed to purchase or participate in the debt offering of Meta. And some of that money will be used to buy NVIDIA chips. So NVIDIA is not only selling the picks and the shovels, they're financing the mine, and they own the bank that's loaning the money to finance the mine to buy those shovels. It is literally the mother of all circular deals.” — Scott Galloway, Prof G Markets

Context

Discussing how hyperscalers are raising capital for data centres, Galloway raises circular financing around NVIDIA. He states the Meta debt participation as his belief, not a confirmed fact.

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Transcript

Prof G Markets Around 57:52 into the episode
Scott Galloway

give you a hint: 60,000. I

Speaker 3

don't know. That's

Scott Galloway

the number of buyouts that people are offering buyouts to. I mean, this is the fear. I've never, again, going back to trying to sound more important than I'm on, I've never been on a board where it's like, oh, our revenues are up 20% or 12%, and we just offered buyouts to 60,000 people. You've never heard that before. This is the frightening part about AI: you can massively grow your top line, beats on top and bottom. And the CEO says, oh, and try and reduce our headcount by 60,000 people. I mean, if you have any doubt that we have become shareholder nation, that the only thing that matters is earnings per share and year-to-date stock performance. 30 or 40 years ago, it would have been frontline news. Microsoft to offer buyouts to 60,000 people?

Ed Elson

Nearly a third of the workforce.

Scott Galloway

Barely even mentioned, barely even mentioned. The other really frightening thing is I believe NVIDIA has agreed to purchase or participate in the debt offering of Meta. So these deals. And by the way, some of that money will be used to wait for it, be used to buy NVIDIA chips. So NVIDIA is not only…

Speaker 4

think it has, which is why the multiple has contracted. And, you know, that's why I don't think I can buy NVIDIA is for that reason. Like even though the multiples come down. Don't

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

More from Prof G Markets

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