JPMorgan’s chart looks like a web of circular AI financing but the more important takeaway is that only about $46B of the capital shown is equity while roughly $879B represents multi-year purchase commitments for compute, GPUs and infrastructure. The true circular relationships are much more concentrated with examples like $MSFT investment in OpenAI, $AMZN and $GOOGL investments in Anthropic and $NVDA investment in OpenAI sitting alongside much larger purchase commitments but there are also massive one-way contracts with no equity attached including $ORCL ~$300B OpenAI commitment, $AMD $90B supply agreement and $CRWV compute contracts with OpenAI and Anthropic which makes the broader picture look more like a capital-intensive buildout than a closed financing loop. That distinction matters because the underlying demand is increasingly showing up in actual revenue, backlog and infrastructure commitments rather than just venture funding since the labs are growing faster than their balance sheets can comfortably support so hyperscalers and chip suppliers are helping finance the buildout in exchange for equity while locking in years of future demand across compute and data center capacity. The bigger risk is therefore not circularity by itself but how correlated the entire ecosystem has become around the same assumption that AI demand keeps scaling.