The artificial intelligence revolution has captured the imagination of investors worldwide, propelling market valuations to astronomical heights. But beneath the surface of this trillion-dollar boom lies a concerning reality: the industry’s most prominent players are increasingly propping each other up through a complex web of circular investments that eerily echoes past technological bubbles. As the diagram above illustrates, companies like Microsoft, Nvidia, OpenAI, Oracle, AMD, and Intel have become entangled in an intricate network of mutual dependencies that could unravel spectacularly if any single thread breaks.