Follow the Money

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

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.

Announced per month — Microsoft

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. Showing 2023-01 — all months.

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.

Deals that shrank or died

• Microsoft → OpenAI, undisclosed revenue share (2026-04-27) — Microsoft's revenue share to OpenAI (on Azure OpenAI / product revenue) ended: 'Microsoft will no longer pay a revenue share to OpenAI.' Amount never disclosed. Microsoft blog (Apr 27 2026) · row

1 deal, 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 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.