#AI is eating 61% of global VC funding.
And it's built on a loop nobody wants to say out loud:
#OpenAI and #Anthropic together account for half of the entire $2 trillion revenue backlog across Amazon, Microsoft, Google, and Oracle.
That means the "AI demand boom" powering Big Tech earnings calls is largely... two money-losing companies promising to spend money they don't have yet on infrastructure owned by the same companies investing in them.
#Microsoft is planning $190 billion in capex this year. Its AI revenue run rate: $13–37 billion depending on how you count. The ROI math hasn't closed. It just keeps getting deferred.
The circular economy in full: cloud giants fund AI labs → AI labs commit that money back to cloud giants → cloud giants report record backlogs → investors pile in → repeat.
This isn't a bubble. It's a money laundering machine for compute — and the collateral is your SaaS bill.
