Mapped $2T in AI deals. The circular structure is more systematic than I expected.

You may have seen Bloomberg's AI Bubble visualization. I wanted to go deeper and see what it actually looks like. **The pattern that keeps repeating**: Company A invests in Company B. Company B buys from Company A. Both report growth. Valuations go up. More investment flows in. Yeah, Company A is typically Nvidia. **Ecosystem bifurcation:** Most AI startups orbit Nvidia. But Google is building a parallel TPU ecosystem. Anthropic for example is playing both sides with $68B in commitments with Google. **The math that doesn't math:** OpenAI raised \~$346B but committed to spend exceed $800B.  …and **The Oracle twist:** A database company is now 65% exposed to a single AI customer relationship. Interactive: [https://aibubble.online](https://aibubble.online) *Important:* 55% of this is promises. Not cash. Promises.