The Web of AI Deals
Nvidia sits at the center of the circular AI deals web, according to a Bloomberg chart mapping how money and commitments flow between the industry's biggest players. As of October 26, 2026, Nvidia's valuation of $5.2 trillion is the largest node in the network, ahead of Microsoft at $4 trillion and Google at $3.9 trillion.
The chart covers the pattern critics call circular financing: chipmakers invest in AI labs, labs commit to buying chips and cloud capacity, cloud providers buy more chips, and valuations rise at every step of the loop.
The Valuations in the Web
Behind the top three sit Amazon at $2.7 trillion and SpaceX at $2 trillion, followed by Broadcom at $1.6 trillion. The private companies are the striking part: Anthropic is valued at $965 billion and OpenAI at $852 billion, figures that depend heavily on the spending commitments circulating through the same network.
AMD appears at $867 billion and Intel at $478 billion, with Oracle at $382 billion, a company whose cloud backlog became a symbol of the AI buildout's scale. The concern animating the chart is concentration: if AI demand disappoints at any point in the loop, the same interconnections that amplified the boom transmit the disappointment everywhere at once.
That debate has sharpened since Nvidia's leadership crisis began, and since Sam Altman reportedly told Samsung executives that AI demand has been double counted across the industry's commitments.
Options and Market Impact
The circularity debate is now a standing feature of AI trade positioning. Every name on the chart, Nvidia, Microsoft, Alphabet, Amazon, Broadcom, AMD, Intel, and Oracle, carries flow tied to whether investors believe the loop is virtuous or fragile.
Nvidia's earnings on Tuesday, November 17 are the next test, with interim CEO Colette Kress leading the call after Jensen Huang's resignation. Any guidance language about demand visibility or customer concentration will be read against this chart.
Bottom Line
Bloomberg's map puts a $5.2 trillion Nvidia at the center of a web of mutual commitments worth trillions more. Whether that web is the AI era's foundation or its fragility is the defining question for the trade into year end. Follow the flow on these names and the rest of the market with Unusual Whales. Create a free account here to start conquering the market with Unusual Whales.