INDIA, Nov. 26 -- The world's biggest tech companies are stuck in a risky web of mutual investments and chip orders. What happens when the bills come due? The past year has witnessed an unprecedented convergence of capital, ambition, and circular reasoning in the artificial intelligence sector. Starting with Nvidia's stunning $100 billion commitment to OpenAI in September 2025, a sprawling ecosystem of interlinked deals has emerged, with each company betting billions on its competitors while simultaneously profiting from their dependence.

It's a dizzying financial dance that would have raised red flags in any previous market boom, yet today it's being hailed as the foundation of a generational wealth creation opportunity. But beneath the...