JPM's Global Cash Trading Co-Head: AI's Circular Impact on Markets Was Under-Scrutinized
ZeroStateReflex · x · 2026-11-06
ZeroHedge resurfaces a month-old comment from JPMorgan's Global Co-Head of Cash Trading Ron Adler: "Circular revenues received a lot of the airtime, but the circular impact of AI on markets and tech probably didn't get enough scrutiny while things were going well. That's changed."
The attached chart maps the expanded AI capital web as of Oct 30: disclosed off-balance-sheet commitments like OpenAI $83B, Oracle $82.3B, Amazon $84.5B, Google $119.9B, plus guarantees, buybacks, repurchase deals and vendor financing linking SoftBank, Nvidia, AMD, Microsoft, Broadcom and CoreWeave — illustrating the circular-financing risk in AI infrastructure buildout.
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