# Circular AI Investment: What the BIS Numbers Reveal

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 7 Oct 2026.

Audio: https://audio.agora-intelligence.com/en/bis-circular-ai-investment-loop.mp3

The BIS has measured the closed loop of artificial intelligence investment: more than half of incoming capital comes from other AI firms, and almost half the value of the deals carries a supply relationship with it. Precedents from 1847, Tokyo and Lucent, the accounting mechanism and three implications for anyone managing capital.

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