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This video breaks down recent Bloomberg's investigation on "OpenAI, Nvidia fuel $1 trillion ai market with web of circular deals".
I go step by step through how circular financing, off-balance-sheet debt, and export-control arbitrage built the modern AI economy. 

Chapters:
00:00 – Circular deals and financial engineering
01:22 – Step-by-step breakdown of deals
04:17 – How debt disappears from balance sheets - SPVs explained
07:28 – The xAI’s $20B circular deal
09:48 – Comparison to 2008 and Synthetic CDOs
12:27 – Geopolitical tier system for AI chips
13:00 – How Nebius bypasses export controls
16:57 – The Ferrari analogy
18:56 – Legal Geographic Arbitrage
19:59 – Is the AI bubble about to burst?