Case studies.
Worked examples of the 35 circular structures identified in the sample. Each case traces one loop or cycle from primary deal disclosures, with edge weighting, score derivation, and the open questions raised by the structure.
TypeSort
Featured · Cycle C-01
The OpenAI · Microsoft · NVIDIA triangle.
The canonical length-3 cycle in the sample. Microsoft's $13B+ equity in OpenAI returns as Azure cloud commitments; OpenAI's GPU spend lands at NVIDIA, which sells to Microsoft's data centers. Closes the loop in roughly 18 months of disclosed deal flow.
3.4
Cycle Score
3
Firms
5
Edges
$13B+
Equity in cycle
Figure — C-01
Multi-party cycles 28 structures, length 3 – 6
ID
Title
Firms involved
Cycle Score
Length
Type
C—01
The OpenAI · Microsoft · NVIDIA triangle
Equity → cloud → compute → equity
OpenAI → NVIDIA → Microsoft ↺
3.41score
3edges
Cycle
→
C—02
Project Stargate
A $500B bet on AI infrastructure
SoftBank → OpenAI → Oracle → NVIDIA ↺
2.87score
4edges
Cycle
→
C—03
The Anthropic proxy war
Two cloud giants invest in the same lab
Amazon → Anthropic → Google ↺
2.42score
3edges
Cycle
→
C—04
The GPU cloud loop
NVIDIA invests, then buys back compute
NVIDIA → CoreWeave → NVIDIA ↺
2.18score
3edges
Cycle
→
C—05
The TSMC fabrication loop
Foundry spend recycles into design partnerships
NVIDIA → TSMC → AMD → Microsoft ↺
1.94score
4edges
Cycle
→
C—06
The Salesforce enterprise loop
SaaS revenue funds underlying compute
Salesforce → OpenAI → Microsoft ↺
1.66score
3edges
Cycle
→
C—07
The xAI · Oracle · NVIDIA arc
A new entrant joins the infrastructure cycle
xAI → Oracle → NVIDIA ↺
1.41score
3edges
Cycle
→
C—08
The MGX sovereign cycle
Sovereign capital re-enters via cloud commitments
MGX → OpenAI → Microsoft → MGX ↺
1.22score
4edges
Cycle
→
Showing 8 of 28 cycles.
Two-party loops 7 pairwise structures
ID
Title
Firms involved
Loop Score
Edges
Type
L—01
NVIDIA ↔ Microsoft
Compute supply ↔ data-center deployment
NVIDIA → Microsoft ↺
4.12L-score
6edges
Loop
→
L—02
OpenAI ↔ Microsoft
Equity ↔ Azure committed spend
OpenAI → Microsoft ↺
3.88L-score
5edges
Loop
→
L—03
Anthropic ↔ Amazon
Equity ↔ AWS / Trainium commitments
Anthropic → Amazon ↺
2.71L-score
4edges
Loop
→
L—04
NVIDIA ↔ CoreWeave
Equity ↔ GPU buyback contract
NVIDIA → CoreWeave ↺
2.04L-score
3edges
Loop
→
Showing 4 of 7 loops.