IMF flags $1.4 trillion in circular AI deals: Nvidia, Oracle, Microsoft-OpenAI loops mapped
CurieuxExplorer · x · 2026-11-13
The IMF has flagged roughly $1.4 trillion in circular AI deals, where Big Tech funds its own customers who then buy back its chips and cloud capacity. The thread maps every known loop:
- Nvidia ↔ OpenAI: $30B invested plus guarantees of up to $105B of Ohio data center leases, filled with Nvidia chips
- Oracle ↔ OpenAI: a $300B cloud deal, with Oracle borrowing heavily to build the data centers
- Microsoft ↔ OpenAI: 27% stake; OpenAI committed $250B to Azure
- SoftBank ↔ OpenAI: $64.6B invested; OpenAI rents from SoftBank's SB Energy
- Amazon ↔ OpenAI: up to $50B invested; cloud deal expanded by $100B
- AMD ↔ OpenAI: similar arrangement
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