The circle just tightens. Every round of investment—Microsoft, Nvidia, Amazon, Google, and now Anthropic—loops capital right back into the same club of AI giants. Financial news warns about “circular financing,” and we’re seeing it live: tech titans fund each other’s ventures, raising valuations. Increasingly, the AI ecosystem doesn’t expand—it just coils inward.
Reminds me of Beavis and Butthead selling candy[1].