A live map of the deals quietly stitching the world's biggest AI companies into a single, recursive money loop. Every figure is sourced. Hover and click to follow the cash.
The pattern is simple. Nvidia takes equity in OpenAI. OpenAI uses that money, plus a separate $300B compute deal with Oracle and a 6-gigawatt deal with AMD, to buy GPUs. Most of those GPUs come from Nvidia. Nvidia's revenue and market cap rise. It uses the proceeds to take equity in more AI companies, who then commit to buying more GPUs.
Microsoft owns 27% of OpenAI. OpenAI just committed $250B back to Azure. Amazon put $25B into Anthropic. Anthropic committed $100B back to AWS. Google put $40B into Anthropic. Anthropic committed to a million Google TPUs. Meta paid $14.3B for half of Scale AI, and another $35B to CoreWeave for compute, while CoreWeave is itself part-owned by Nvidia.
Most of these "deals" aren't actually signed. Nvidia's CFO publicly admitted in late 2025 that the headline $100B OpenAI investment was still a letter of intent, not a contract. Stargate, the $500B data centre joint venture announced with such fanfare in January 2025, has been quietly scaled back, with the UK leg paused over energy costs and SoftBank halting its $50B Switch acquisition.
The map below shows every flow that's public. Edges in yellow are equity. Green is compute. Coral is a strategic partnership. Sky blue is venture capital. Click a node to inspect every deal it's in.
Hover any line to see the deal. Click any company to see every flow it's in. Use the filters to isolate the equity flows from the compute flows.
Bubble size is roughly proportional to current valuation or market cap. Many headline figures are letters of intent, not signed contracts; status is shown in each deal's detail. The Nvidia–OpenAI $100B was, per Nvidia's own CFO, still a non-binding letter of intent as of December 2025.
Fortune ran the numbers in late April 2026. Once you back out the paper gains on Anthropic equity from Google and Amazon's earnings reports, the underlying AI business is meaningfully less profitable than it appears.
Bloomberg has been running a permanent graphic called "AI Circular Deals" since early 2026. The IMF used the word "bubble" in its March 2026 World Economic Outlook. Q1 earnings reports show investors increasingly drawing a distinction between revenue from third parties and revenue from companies the supplier itself has just invested in.
"There's no assurance the deal will close on the terms announced."
Colette Kress, Nvidia CFO, on the $100B OpenAI investment, November 2025
"The AI ecosystem requires $2 trillion in annual revenue by 2030 to justify current infrastructure spending. The trajectory falls roughly $800 billion short."
Bain & Company, Global Technology Report, March 2026
"AI's investment boom looks increasingly like a bubble that could burst."
IMF World Economic Outlook, March 2026
In rough chronological order. Status tags show whether something is signed, completed, a letter of intent, or paused. Click any source to read the original reporting.