Commodification of Intelligence: Good, Bad, and Ugly Circular AI Deals

原文开头节选

Every few months, and especially this week, the AI space gets criticized for circular financing and customer relationships. OpenAI raises money from Microsoft, spending it on Microsoft servers; Nvidia backstops CoreWeave debt, and CoreWeave buys Nvidia GPUs. “The bubble is about to burst!” analysts scream.

Analysts point to dot-com deals with circular investments in 1999, arguing that this is all bound to happen again [1] [2] . They are wrong.

Circular deals are more interesting than “good” or “bad.” They show the AI industry isn’t just maturing, but modifying the idea of “AI” to something that is less a technology product, and more a commodity. Imagine that—intelligence available like electricity, and the underlying financial system structured accordingly.

The evolution of circular deals points to the commodification of AI, where compute capacity is moving from a business model where you buy a product (e.g., the hardware, or space in a data center) to something so fungible that you buy it the way you buy electricity, copper, natural gas, or other commodities.

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