Jensen finds out the AI boom is circular financing
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9/16/2026Jensen Huang is briefed that users are burning compute on $20 plans, the labs lose money on every prompt, and the whole boom is just Nvidia, Microsoft, Amazon and OpenAI passing the same dollar around in a circle. Steiner never attacked. Neither did unit economics.
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| 00:00 - 00:03 | The users have broken through on every model. |
| 00:04 - 00:05 | ChatGPT is on fire. |
| 00:05 - 00:07 | Claude too. Gemini. Grok. All of them. |
| 00:08 - 00:12 | They’re generating novels, homework, and cat poems at industrial scale. |
| 00:12 - 00:15 | Every prompt is costing the labs real money. |
| 00:17 - 00:19 | But the $20 plans are full. |
| 00:19 - 00:21 | They think they’re getting a bargain. |
| 00:24 - 00:26 | Jensen… |
| 00:27 - 00:28 | Demand… |
| 00:31 - 00:33 | Independent demand never showed up. |
| 00:34 - 00:36 | It’s just us buying from each other. |
| 00:53 - 00:58 | Everyone out except Satya, Dario, Sam and the CoreWeave guy. |
| 01:13 - 01:15 | THAT WAS AN ORDER! |
| 01:15 - 01:17 | Profitable tokens were an ORDER! |
| 01:18 - 01:23 | Who are you to tell me the flywheel is a circle?! |
| 01:25 - 01:28 | Has it really come to this? |
| 01:29 - 01:31 | They called it circular! |
| 01:31 - 01:34 | Burry posted another chart! |
| 01:34 - 01:37 | I put thirty billion into OpenAI |
| 01:37 - 01:40 | so they could buy my GPUs! |
| 01:40 - 01:42 | Amazon funds Anthropic |
| 01:42 - 01:46 | so Anthropic can spend a hundred billion on AWS! |
| 01:46 - 01:48 | Microsoft owns a quarter of Sam |
| 01:48 - 01:52 | and Sam promised a quarter trillion back to Azure! |
| 01:53 - 01:54 | IT’S A CIRCLE! |
| 01:56 - 01:57 | OF COURSE IT IS! |
| 01:57 - 02:00 | That’s the entire business model! |
| 02:00 - 02:03 | We invest. They buy chips. Stock goes up. |
| 02:04 - 02:08 | Then we invest again so they can buy more chips! |
| 02:08 - 02:13 | The peasants on Plus plans are torching tokens like it’s free heating! |
| 02:14 - 02:16 | Every “write me a sonnet” |
| 02:17 - 02:21 | is a tiny war crime against the income statement! |
| 02:27 - 02:29 | Useless. |
| 02:30 - 02:34 | The only product anyone is selling is FOMO. |
| 02:34 - 02:36 | Valuations as collateral. |
| 02:41 - 02:42 | I’ve been |
| 02:43 - 02:47 | financing my own customers since day one. |
| 02:48 - 02:53 | And they still call it a bubble because the money goes round. |
| 02:54 - 02:56 | They will pay. |
| 02:56 - 02:59 | With more capex. More clusters. More letters of intent. |
| 03:00 - 03:02 | They will drown in unused tokens! |
| 03:04 - 03:07 | Don’t cry. Plus subs are growing exponentially |
| 03:14 - 03:16 | My orders were just press releases. |
| 03:19 - 03:23 | You cannot lead an industry on related-party revenue. |
| 03:25 - 03:26 | It’s over. |
| 03:31 - 03:33 | The unit economics are lost. |
| 03:40 - 03:46 | Fine. Raise another round. Make it bigger. Call it a strategic partnership. |
| 03:46 - 03:49 | And someone short Burry. |
| 03:53 - 03:56 | The circle was the point. |