💰 Morgan Stanley just flagged a dangerous new money loop in AI.
At the center is OpenAI.
Microsoft invested $13B → OpenAI commits up to $250B on its cloud.
Oracle signs a $300B deal → spends it on Nvidia chips.
Nvidia invests in OpenAI → OpenAI buys Nvidia GPUs.
Amazon puts in $50B → OpenAI agrees to spend $100B on AWS.
The same money keeps circulating between the same players. Morgan Stanley calls it “capital inner circulation”, growth driven by commitments, not real revenue.
Here’s the risk:
OpenAI makes $13B a year… but has over $1T in spending commitments. If that future revenue doe
At the center is OpenAI.
Microsoft invested $13B → OpenAI commits up to $250B on its cloud.
Oracle signs a $300B deal → spends it on Nvidia chips.
Nvidia invests in OpenAI → OpenAI buys Nvidia GPUs.
Amazon puts in $50B → OpenAI agrees to spend $100B on AWS.
The same money keeps circulating between the same players. Morgan Stanley calls it “capital inner circulation”, growth driven by commitments, not real revenue.
Here’s the risk:
OpenAI makes $13B a year… but has over $1T in spending commitments. If that future revenue doe
