Regardless of if this is “vendor financing” or “circular financing” the history books are riddled with this sort of stuff ending very badly.

It’s concerning that the only thing that seems to be keeping the AI bubble inflated at this point is money from the folks selling things to AI companies. That’s very much not a good sign no matter how you spin it.

I’m a fan of AI and there’s clearly value to it… however that value seems completely out of whack with the money pumping into the ecosystem and at some point such irrational behaviors break.