There was no answer to my last question which I think is the most important thing when considering if we are going to have another GFC this year or next year.

Does "GFC" stand for "global financial crisis" here? It seems implausible that the collapse of the LLM bubble will cause one; it might have a pretty dramatic impact on the markets, but it's unclear how it would cause the sort of systemic failure that we saw in the noughties.