Three years ago, generative AI was barely on anyone’s radar. Three months ago, circular deals were whispered about only in private meetings at big banks. Weeks and days ago, these loops were still a niche topic. Today, they are all anyone on Wall Street can talk about. As investments swell: from $100 billion chip deals to multi-gigawatt data-centre projects, questions are mounting. The first question is: What does it mean? and are we in an AI bubble ? A growing number of AI firms and their partners are engaging in “circular” financing, a loop in which the same companies that pour money into AI start-ups are also the ones selling them the infrastructure they need to survive. It has created what can be described as an ouroboros ecosystem, a self-feeding financial creature

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