英伟达、微软和亚马逊等科技巨头正通过一种循环融资模式推动人工智能产业发展，其中芯片供应商向客户提供资金，客户随后用这些融资购买供应商的芯片。1研究表明，流入AI企业的投资中有55.2%来自其他AI企业，这一比例引发了对产业真实需求的质疑。1
英伟达在这一模式中扮演关键角色，既是投资者、芯片供应商，又是客户。1该公司投资OpenAI高达30亿美元，并为俄亥俄州数据中心提供最高105亿美元担保。1同时，英伟达对AI芯片初创公司CoreWeave投资20亿美元购买股份，对Anthropic的投资承诺最高达100亿美元，2024年进行了超过50项AI公司投资交易。1
澳大利亚数据中心企业Firmus的案例突出了这种融资结构的风险。1该公司首席执行官Oliver Curtis的440亿澳元IPO计划最终失败，但英伟达在2025年9月仍向其投资3.3亿澳元。1Firmus与英伟达签署的印尼巴淡岛数据中心合同价值最高300亿美元，期限为6年。1与此同时，OpenAI的年化收入被报告少报200亿美元。1
澳洲央行已对此类高风险企业采用的不透明循环融资安排发出警告。1在更广泛的市场影响中，芯片制造商贡献了标普500指数约70%的涨幅，其中英伟达单独占比约8.06%。1近90%的澳洲家庭通过养老基金间接接触AI股票。1
Major artificial intelligence companies have adopted a financing model that critics worry may not reflect genuine market demand. Over 55% of investment flowing into AI enterprises originates from other AI companies, according to research, creating a self-reinforcing cycle where chip suppliers finance their customers, who then use those funds to purchase chips from their investors.1
Nvidia exemplifies this interconnected arrangement, simultaneously serving as investor, supplier, and customer across multiple AI ventures. The chipmaker invested $3 billion in OpenAI while providing up to $10.5 billion in guarantees for an Ohio data center project, and committed up to $10 billion toward Anthropic.1 In 2025, Nvidia completed over 50 investment transactions in AI companies and invested $2 billion to acquire equity stakes in CoreWeave.1 The company also invested AUD 330 million in the Australian data center company Firmus in September 2025 and signed a six-year contract with Firmus for an Indonesian data center facility valued at up to $30 billion.1
These circular arrangements raise concerns about whether the AI sector's rapid growth reflects authentic demand or speculative excess. Australia's central bank has warned of elevated risks posed by enterprises utilizing opaque circular financing structures.1 Firmus—a company that once planned an AUD 44 billion initial public offering—ultimately failed to proceed with that offering.1 Semiconductor manufacturers contributed approximately 70% of the S&P 500's total gains in 2026, with Nvidia alone accounting for roughly 8.06% of the index, and nearly 90% of Australian households hold exposure to AI stocks through pension funds.1
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