The truth this chart exposes is that the AI revolution is now a web of financial commitments, hardware dependencies & strategic overlap so intertwined that the line between competition & collaboration barely exists. Every line on that chart reflects a feedback loop of capital & dependency because OpenAI relies on $NVDA for hardware, $MSFT for cloud infra & $ORCL for compute & each of those companies in turn depends on OpenAI’s continued momentum to justify their own CapEx acceleration. None of this signals that the AI trade is dead but my takeaway is that the straight-line optimism that defined the first couple years after ChatGPT’s release is giving way to a more sober phase where fundamentals, capacity planning & capital efficiency matter again & that shift is healthy for the entire cycle.