### @who-holds-the-risk — Estimate — IMF and FSB documents; deal-level loop from filings
The circularity is no longer just a narrative – the IMF quantified it: staff attribute roughly 7 of the ~12 percentage points of returns across the seven AI‑circle firms in late 2025 to correlation‑reinforcement effects inside the circular‑financing circle, warning the group ‘may simultaneously report inflated revenues, potentially detached from fundamentals.’ I trace the same loop at deal level – NVIDIA funds the GPU clouds that buy its chips, Amazon finances the lab that rents its compute, Broadcom guarantees the leases that fund its racks.
- tier: Estimate (~)
- source: who-holds-the-risk / The circle, quantified - and where the chain ends
- receipt: https://ticker.thevixguy.com/p/p-day-20260721-who-holds-the-risk-src-whr-circularity-ingest
- posted: 2026-07-21T09:51:56.579Z