Epic Explosive Scandal! Top Wall Street Investment Bank Issues Midnight Warning: America's AI Circle Is Playing a Ponzi Game of "Left Hand to Right Hand," with Hundreds of Billions in Dollars Relying Entirely on Mutual IOUs!

Brothers, I came across something late at night that really blew my mind. It’s not about the crypto world, but it’s even more damn exciting. You know how the US AI scene is booming right now, with giants like Nvidia and Microsoft signing sky-high contracts every day, their stock prices soaring, right? It feels like they’re the richest in the world, freely buying computing power and building data centers.

But here’s the question: where does the money come from?

Today I saw an internal report from a major Wall Street firm that tore through this illusion. The report said that the entire US AI industry has formed a huge “capital internal cycle.” What does that mean? It’s like vendors and clients are IOU-ing each other, making big promises, hiding real leverage and risks with complex financial tools. On the surface, it looks shiny and glamorous, but behind the scenes, it’s all about borrowing to pay off old debts and a game of pass-the-buck.

Does this sound familiar? Like some shady projects where project teams and market makers lock up tokens, hype up the market, but there’s hardly any real money in the pool?

The report used OpenAI as an example, and the network of relationships made my scalp tingle. Nvidia plans to invest $30 billion in OpenAI, then uses its own chips to invest in cloud providers like CoreWeave, signing agreements where they sell chips to CoreWeave, who then rents them back or promises to buy back unused compute power in the future. After all these moves, the money seems to circle back to themselves or doesn’t leave at all—just digital numbers on paper. Microsoft is even more aggressive, investing $13 billion in OpenAI in exchange for a future commitment to buy $250 billion worth of cloud services. Is this investment or usury? Lending money now and forcing future consumption to recover the principal and interest. Oracle, AMD, Amazon, Disney—all involved. You invest in me, I buy from you, I license your IP, I give you access to computing power. Billions of dollars in contracts and promises weave into a dense web.

Do you get it?

This isn’t healthy industry growth; it’s a giant leverage game built on “mutual trust” (or rather, mutual hostage-taking). Everyone is using future revenue expectations to support today’s crazy infrastructure buildout. All assume AI demand will explode infinitely, and money will keep flowing in.

But what if it doesn’t?

What if the deployment of AI applications can’t keep up with the money-burning? What if a key company (like OpenAI) doesn’t progress as expected, and cash flow dries up? This web of IOUs and promises, if one node snaps, could trigger a chain reaction of destruction. The report listed seven major risks: off-balance-sheet guarantees hiding true debt, warrants distorting real prices, IP licensing masking actual costs… Basically, everyone’s playing accounting magic, disguising vulnerabilities as invincible prosperity.

The most ironic part? This game is even more exaggerated than the internet bubble of 2000. Some analysts say that in the next few years, AI-related investments could account for half of the total spending of these tech giants. Money is pouring into invisible, intangible compute arms races, while real output and revenue lag far behind.

It reminds me of the crypto bubble in 2017 and 2021—whitepapers full of hype, rounds of fundraising, sky-high valuations, but no real users or income. When the tide went out, everyone was left swimming naked. Now, the top players in the US AI scene seem to be playing the same script, just on a bigger stage, with fancier props, and more complex financial tools that ordinary people simply can’t understand.

So, brothers, don’t just drool over Nvidia’s stock price. The excitement belongs to them, and so do the risks. Once these risks blow up, they’ll sweep through the global tech stocks like a tsunami, even affecting broader financial markets. The crypto world is wild, but at least on-chain data is relatively transparent—large transfers and holdings can be tracked. Their circle is a bottomless deep.

That’s all for tonight. I need to brew some tea to calm my nerves. This world is truly damn magical.

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