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Follow the money

The AI money loop

Short answer

The largest AI companies invest in each other, buy from each other and borrow to build data centres. Nvidia invests in AI labs that buy its chips. Cloud providers invest in labs that rent their computers. Lenders finance the buildings. This map shows who pays whom.

A simplified map from public reports, last checked November 12, 2026. It is not a warning and not investment advice.

  • Invests
  • Buys
  • Lends

Drag to turn. Tap a company to see its deals.

Pick a company

Tap a bubble or a name above. The map keeps only that company's deals lit, and they are listed here. The colours of the bubbles show the kind of company:

  • AI labs
  • Chip makers
  • Cloud providers
  • Lenders

Every deal on the map

  • Nvidia invests in OpenAI.
  • OpenAI buys from Nvidia. Buys chips.
  • OpenAI buys from Oracle. Cloud deal, reported at about $300 billion.
  • Oracle buys from Nvidia. Buys chips.
  • AMD invests in OpenAI. Grants share warrants.
  • OpenAI buys from AMD. Orders chips.
  • Microsoft invests in OpenAI.
  • OpenAI buys from Microsoft. Cloud commitment, reported at about $250 billion.
  • Nvidia invests in CoreWeave.
  • CoreWeave buys from Nvidia. Buys chips.
  • Microsoft buys from CoreWeave. Rents computing power.
  • OpenAI buys from CoreWeave. Rents computing power.
  • Amazon invests in Anthropic.
  • Google invests in Anthropic.
  • Microsoft invests in Anthropic.
  • Nvidia invests in Anthropic.
  • Anthropic buys from Amazon. Buys cloud.
  • Anthropic buys from Google. Buys cloud.
  • Anthropic buys from Microsoft. Buys cloud.
  • Nvidia invests in xAI.
  • xAI buys from Nvidia. Buys chips.
  • Lenders lends to Oracle. Bonds and loans.
  • Lenders lends to CoreWeave. Loans, including a reported $8.5 billion facility.

Money raised in 2026, as reported

  • OpenAI: About $122 billion. Round closed March 31, 2026, at a reported $852 billion valuation. Backers include Amazon, Nvidia and SoftBank.
  • Anthropic: $30 billion. February 2026 round at a $380 billion valuation. A further $65 billion was reported in May 2026.
  • xAI: About $20 billion. Reported in January 2026.
  • CoreWeave: $8.5 billion loan. A loan facility to build more AI data centres, as reported.

Two ways to read it

Supporters call it backing your customers. A supplier that believes in a customer helps it grow, and both gain if demand for AI keeps rising.

Critics call it a circle. If the money a customer spends came from its own supplier, sales can look stronger than outside demand alone would make them.

The test is whether customers outside the loop, the businesses and people who use AI, keep paying.

Common questions

What is circular financing in AI?

It is the name critics give to deals where a supplier invests in a customer, and the customer then spends money with that supplier. A chip maker investing in an AI lab that buys its chips is the usual example.

Is this something to worry about?

This page is a map, not a warning. Supporters say suppliers are backing customers they believe in, which is common in fast-growing industries. Critics say the same money can make demand look stronger than it is. Experts read it in different ways, and the map does not settle the question.

What would show the loop is healthy?

Money arriving from outside it. If businesses and consumers keep paying for AI products, the spending between these companies is supported by real demand.

How exact are the figures?

They are approximate and come from company announcements and press reports. Some deals are reported rather than confirmed, many are commitments spread over several years, and terms can change.

Sources

Figures are approximate. Some deals are reported rather than confirmed, and many are commitments spread over several years.