The entire AI boom may be built on false revenue.

Just OpenAI and Anthropic account for more than half of the entire $2 trillion cloud service future orders held by Microsoft, Oracle, Google, and Amazon.
There is an invisible clause in the big tech giants' investments in AI companies,
which is that their investment amounts are used by startups to rent the giants' servers, and this process is mandatory,
the investment funds essentially flow from one hand to the other, but after this process is completed, multiple financial statements are optimized, and the computing power used for training models is magically optimized multiple times in the financial reports, while the market interprets this as revenue growth, further inflating the bubble.
Tech giants are essentially paying themselves with their own money and calling it sales.
This is why OpenAI's annual cloud bill exceeds $60 billion, twice its actual revenue of $25 billion, maintained solely through this circular funding.
Anthropic is running the exact same trick.
Every time a startup receives a higher valuation in a new round of financing, the tech giants update their investment value on the books and count this unrealized paper gain as direct profit.
This perfectly mirrors the warning signs of the 2001 dot-com bubble burst.
The only difference is that related-party swap transactions during the internet bubble era were illegal, but today’s AI cycle is completely legal under current accounting rules.