AI Revenue Loop: Are Big Tech Cloud Deals Built on Circular Accounting?

TLDR: OpenAI and Anthropic make up over half of Big Tech’s $2 trillion future cloud backlog combined. Microsoft’s $13B OpenAI investment returned as cloud credits, then recorded as fresh revenue by Microsoft itself. Alphabet’s Q1 2026 record profit included $28.7B in unrealized paper gains tied to its Anthropic stake. Oracle has 54% of its entire [...]

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