AI is built on capital, not technology. It’s beginning to show. Right now the big AI companies are playing games.
Nvidia pledges $100 billion to OpenAI, and OpenAI pledges to buy $500 billion worth of Nvidia chips. Microsoft invests in OpenAI, and OpenAI commits to purchase Microsoft services. Oracle funds Stargate, and Stargate commits to Oracle hardware, while Oracle itself agrees to buy Nvidia chips. Each announcement props up the others, creating the appearance of demand and momentum. In reality, the money largely cycles within the same group of firms, boosting stock prices but not producing immediate sales, profits, or cash flow.
This is circular deal-making that inflates valuations without generating real business.
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