The American economy is little more than a big bet on AI. Morgan Stanley investor Ruchir Sharma recently noted that money poured into AI investments now accounts for about 40% of the United States’ GDP growth in 2025, and AI companies are responsible for 80% of growth in American stocks. So how bad is it that the most recent major deal among AI giants, agreements that have driven up stock prices dramatically, look like a snake eating its own tail?

In recent months, Nvidia announced that it would invest $100 billion into OpenAI , OpenAI announced that it would pay $300 billion to Oracle for computing power, and Oracle announced it would buy $40 billion worth of chips from Nvidia. It doesn’t take a flow chart to get the feeling that these firms are just moving money

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