Investment in AI infrastructure has exploded over the last few years, with big players like Google, Meta, OpenAI, Nvidia, and Oracle, striking deals involving hundreds of billions of dollars to build out AI data centers. These deals are single-handedly buoying the otherwise-flailing US economy, but where are these billions actually coming from? And why do all these deals seem to involve the same players in increasingly circular arrangements? Even the most optimistic observers are starting to...