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The Conversation

Ruipeng Liu, Senior Lecturer in finance, Deakin University

Who’s paying whom? The circular money machine behind the AI boom (or bubble)

Nvidia Artificial Intelligence Firmus OpenAI Data Centres United States Rent Reserve Bank of Australia Semiconductor

Nvidia chief executive Jensen Huang, centre, speaking at the White House. OpenAI president Greg Brockman is on the right. AP

Imagine a company that sells you equipment, invests money in your business, and then rents back what you build with it. It’s your supplier, your investor and your customer all at once.

That’s known as circular financing.

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