Follow the Money
The circular economy of AI: chipmakers invest in labs that buy chips; clouds fund labs that buy cloud; the same dollars get announced twice. 79 live deals, $2,008B at face value plus 16 with no disclosed figure — each traced to a source. Data as of 2026-08-30 · JSON.
Showing 10 of 82 deals for Meta Platforms. Clear.
Bubble Thermometer: 15/100 — cool
15/100 (cool): "bubble" said 0× this week (flat from 0); AI basket market spread unknown; $0B of deals announced this month.
Components: talk 0 · markets 50 · money 0 (weights 40/30/30). Each input links to where it comes from: "bubble" in this week's feed (0, prior week 0) · the AI basket against QQQ over a month · $0B announced in 2026-09. An attention index from this site's own data; it measures temperature, not the future.
Daily readings since 2026-09-16. JSON
Meta Platforms in focus: its curves keep their colour, the rest fade. The 22 busiest counterparties and the 7 live deals between them that match the filter. Click a company for its page, click a curve to jump to that deal and its source. Curve width scales with the amount (log); colour is the deal type; dashed means reported but not confirmed by the parties; thin means no figure was disclosed.
Money that goes around
Pairs where cash flows both ways — an investment one way, a purchase commitment back. Computed from the deal list, not curated. Open a pair for every deal and its source.
Meta Platforms ⇄ AMD $0B one way · $0B back
- undisclosed chip supply deal, 2026-02-24, announced — AMD press release
- undisclosed equity investment, 2026-02-24, announced — AMD press release
Announced per month — Meta Platforms
Face value as announced; the grey stubs are deals later cancelled or never closed, which stay out of the total. Click a month to list its deals.
Biggest counterparties
Announced and reported amounts at face value; "up to" commitments count in full — that is how the headlines count them, and why every row carries its notes. Every company name is a page.
10 deals, with sources
Amounts link to the source they come from; companies link to their pages; types, months and statuses filter the page; the # is the deal's anchor.
| Deal | Amount ▾ | Type | Announced | Source |
|---|---|---|---|---|
| Meta → Nebius | $27B Up to ~$27B over five years: $12B of dedicated Vera Rubin capacity from early 2027 + up to $15B of additional capacity on upcoming clusters. | Compute / cloud contract | 2026-03-16 announced | Nebius newsroom · second source #76d530 |
| Blue Owl → Meta | $27B Off-balance-sheet JV project financing for the >2 GW Hyperion campus (Louisiana): Blue Owl funds own 80%, Meta 20%; ~$27B total development cost funded pro rata; Blue Owl contributed ~$7B cash and Meta took a ~$3B one-time distribution. | Debt, guarantee or project finance | 2025-10-21 closed / funded | Meta IR · second source #2d24ee |
| Meta → CoreWeave | $21B Expanded agreement through December 2032 (about $21B), inference-focused, with early deployments of Nvidia's Vera Rubin platform. | Compute / cloud contract | 2026-04-09 announced | CoreWeave IR · second source #8ecef3 |
| Meta → Oracle | $20B Reported (~$20B, multiyear) by Bloomberg 2025-09-19; Oracle confirmed a Meta cloud deal on 2025-10-16 without disclosing value. Oracle's Feb 2026 financing release lists Meta among contracted customers. | Compute / cloud contract | 2025-09-19 reported, not confirmed by the parties | Bloomberg · second source single-source figure #b414eb |
| Meta → Scale AI | $14.3B 49% non-voting stake at a $29B valuation; CEO Alexandr Wang moved to Meta. Several Scale customers (Google, OpenAI, xAI) subsequently cut work with Scale (reported). | Equity investment | 2025-06-12 closed / funded | CNBC #df8398 |
| Meta → CoreWeave | $14.2B Six-year GB300 capacity contract with option to extend to 2032-12-14. | Compute / cloud contract | 2025-09-30 announced | CNBC #ffae15 |
| Meta → Google | $10B 'Over $10B' six-year Google Cloud deal, reported by The Information; not confirmed by either company. | Compute / cloud contract | 2025-08-21 reported, not confirmed by the parties | CNBC, citing The Information single-source figure #09ddb2 |
| Meta → AMD | undisclosed Up to 6 GW of AMD GPUs; first GW of custom MI450 + EPYC shipping 2H 2026. Value undisclosed. | Chip supply deal | 2026-02-24 announced | AMD press release · second source #babe9c |
| AMD → Meta | undisclosed Performance-based warrant for up to 160M AMD shares (the same size as OpenAI's), vesting on gigawatt-purchase milestones plus AMD share-price thresholds. | Equity investment | 2026-02-24 announced | AMD press release · second source #6e2668 |
| Meta → Nvidia | undisclosed Multiyear, multigenerational agreement to deploy 'millions' of Blackwell and Rubin GPUs, Grace CPUs and Spectrum-X networking; financial value not disclosed. | Chip supply deal | 2026-02-17 announced | NVIDIA newsroom · second source #4f3e66 |
Deal Watch — reported in the last 45 days (automatic, unverified)
Headlines from the feed go through a model that extracts who-pays-whom; a report appears here only when two different publishers agree on the parties and the amounts agree within 25%. Every publisher name links to the headline. Nothing in this box is in the verified graph above until a data review confirms it against a primary source.
No two-source reports in the window — the extractor needs an AI provider key.
The bubble reads
- AI's $600B Question — Sequoia Capital (David Cahn), 2024-06-20. Annualised AI infrastructure spend implies about $600B of yearly AI revenue is needed to earn a return; most of it is missing.
- The GenAI Divide: State of AI in Business 2025 — MIT NANDA, 2025-07. Despite $30-40B of enterprise GenAI spend, about 95% of pilots show no measurable P&L impact.
- Bridging a $1.5tr Data Center Financing Gap — Morgan Stanley Research, 2025-08. About $2.9T of global data-center capex through 2028, only about half fundable from hyperscaler cash flow; the rest must come from bonds, private credit and securitisation.
- $2 trillion in new revenue needed to fund AI's scaling trend — Bain & Company, 6th Global Technology Report, 2025-09-23. Meeting projected 2030 compute demand needs about $2T of annual AI revenue; the industry is about $800B short.
- IMF and Bank of England join growing chorus warning of an AI bubble — IMF Global Financial Stability Report / Bank of England FPC, via CNBC, 2025-10-09. Both flagged AI-concentrated equity valuations comparable to the 2000 dot-com peak and the risk of an abrupt correction.
- World Outlook: '1999 meets 1990' — Deutsche Bank Research (Jim Reid), via Investing.com, 2026-06-06. Frames 2026 as 1999-style tech enthusiasm colliding with a 1990-style oil shock, with an AI investment boom propping up US growth.
Method: a deal is listed only when it traces to a press release, an SEC filing, or top-tier reporting, with its date and status. Amounts are as announced or credibly reported; status says whether a deal closed, is staged, or was only reported. Not investment advice.