The euphoria surrounding artificial intelligence has reached a fever pitch. Valuations are soaring, capital is flooding in, and the world’s most powerful technology firms are bound together in a web of overlapping investments so intricate that few can tell where genuine demand ends and financial self-dealing begins. It feels exhilarating, and eerily familiar.

History has seen this movie before. Each technological revolution begins with an idea so transformative that it reshapes not just industries, but imagination itself. Then come the investors, the valuations, the limitless projections ~ until the market begins to believe its own fiction. Artificial intelligence is no exception. The sheer velocity of money moving into the sector suggests not only confidence, but dependence. When chipmakers invest billions in AI firms that in turn spend those billions buying their chips, what results is not organic growth, but a closed circuit of optimism.

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At the centre of this cycle is the........

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