The full circle is actually Nvidia for the hardware, OpenAI for the software, Oracle for the infrastructure provider for the datacenters, and SoftBank for the financial support. Each one injects money into the other, it’s called round tripping and it’s the same thing that happened during the dot com burst.

Company A “buys” hardware from Company B. Company B simultaneously “invests” in infrastucture from Company A. Both record revenue — even though no real demand existed. The difference is that in reality this circle consists of various companies.