The AI Ouroboros: Microsoftโs Biggest AI Customer Is Itself
Microsoftโs AI revenue boom is powered by a circular loop: it invests in OpenAI, hosts OpenAI, and then books OpenAIโs payments as sales. The real question isnโt how fast AI is growing โ itโs how much of that growth is real external demand versus a self-referential financial construct. When the loop breaks, so does the narrative.