Chapter 1
The great 2026 cash burn
Chapter 2
Echoes of the dot-com crash
Chapter 3
The circular money loop
Chapter 4
The race to go public
YOUR GOAL
Master of The AI bubble
Ch 3 · The circular money loop
marcus The circular money loop
AI's pulling in cash, a future so grand! / The market's on fire, all across the land!
marcus Government watchdogs are investigating AI partnership structures for anti-competitive behavior.
marcus Circular transactions can artificially inflate the financial health of tech companies.
Fun Fact
FTC scrutiny: In early 2024, the U.S. Federal Trade Commission ordered major tech firms to detail their multi-billion dollar investments in top AI startups.
Glossary
circular financing (noun)
A financial arrangement where capital provided by an investor is returned through the purchase of their own products. In late 2025, Nvidia pledged capital to OpenAI, which was subsequently used to purchase Nvidia microchips.
A financial arrangement where capital provided by an investor is returned through the purchase of their own products. In late 2025, Nvidia pledged capital to OpenAI, which was subsequently used to purchase Nvidia microchips.
Quiz
What is a potential negative consequence of tech giants dominating AI startup funding?
Quiz
What is the financial term for when a company invests in a startup with the condition that the startup buys its products?
Quiz
What is the primary product that AI startups are forced to buy from their tech giant investors?
Quiz
Which region's regulators joined the U.S. in investigating major AI tech partnerships by 2025?