Is AI’s Circular Financing Inflating a Bubble?
Patrick Boyle On Finance
Patrick Boyle
4.9 • 308 Ratings
🗓️ 26 October 2025
⏱️ 26 minutes
🧾️ Download transcript
Summary
The AI boom isn’t just about algorithms — it’s about money, power, and a race to build infrastructure on a scale we’ve never seen before. In this weeks podcast, we break down the circular deals between OpenAI, Nvidia, Amazon, Anthropic, and even Elon Musk’s business empire — and ask the hard questions: Who’s paying for this? Where will the electricity come from? And is the industry building a Möbius strip of venture capital and gigawatts that could collapse under its own weight?We’ll explore:The spaghetti diagram of AI’s biggest playersOpenAI’s trillion-dollar data center ambitionsWhy Nvidia’s demand might not be what it seemsThe risk of stranded assets and systemic leverageHow geopolitics and energy constraints could shape the future
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Transcript
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| 0:53.2 | The companies at the centre of the AI boom have been busy investing billions of dollars |
| 0:58.4 | in each other. I'm sure you've seen the spaghetti diagrams in the media recently showing how |
| 1:03.8 | companies like OpenAI are investing in their chip suppliers or how chip manufacturers like |
| 1:09.1 | Nvidia are investing in their customers, enabling |
| 1:12.4 | them to buy more chips. |
| 1:14.5 | I first noticed how strange these deals were back in March when Corweave, a company who buys |
| 1:20.2 | chips from Nvidia, puts them in data centers and rents out compute, file to go public. |
| 1:26.7 | Its IPO prospectus revealed that InvidIA owned about 5% of the company. |
| 1:32.6 | When investor interest seemed tepid after a long IPO drought, |
| 1:36.5 | NVIDIA offered to anchor the deal at $40 a share with a $250 million order. |
| 1:43.8 | Bryce Elder described the deal in the FT at the time as an |
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