According to CoinMeta, Nvidia is at the center of the circular transactions in the AI industry. The pattern is as follows: Nvidia invests in companies such as OpenAI, CoreWeave, and Nscale, which then purchase chips from Nvidia. Cloud computing giants like Microsoft, Google, and Amazon invest in AI laboratories, which in turn use the funds to rent their computing power. Critics, including Ray Dalio, argue that these cycles may inflate demand, making the prosperity appear stronger than it actually is.