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Ultimately it will be when the credit dries up and circular nature of the “investments” breaks down.
A Couple things that come to mind:
One way could be a failure to deliver on a contractual obligation with regards to a payout (eg company X will receive $100 billion when Y is complete) will lead to the failure to make a debt payment (company X has borrowed money based on the money promised by company Y), which will precipitate a scramble as investors try to recoup the money they’ve put in the firms, which will crash them.
For example, and I don’t know what happened here, CoreWeave had a balloon payment to make on a loan in October; if they didn’t make that payment, it could lead to a panic. But it seems that didn’t happen.