All charts

Circularity

Loops over time

A loop closes when disclosed flows run in a cycle back to where they started, for example a chip maker investing in a lab that commits to buy compute from a cloud that buys the chip maker's hardware. Bars count the loops closed in each quarter; the line is the running total.

Key takeaways

  • Q3 2025: 2 loops closed, CoreWeave to OpenAI to Oracle to NVIDIA; NVIDIA to OpenAI to Oracle.
  • Q2 2026: 2 loops closed, Amazon to OpenAI to Microsoft to Anthropic; Amazon to OpenAI to Oracle to NVIDIA to Anthropic.
  • The weakest link of every cycle is an announced figure rather than a contracted one, which is why the committed count stays at zero.

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