文中强调AI产业的资本与算力网络已呈高度集中与循环结构。OpenAI的估值从非营利起步升至约5,000亿美元至7,500亿美元区间，而Anthropic在仅两个月内从1,830亿美元飙升至3,500亿美元。最新三方交易中，Microsoft向Anthropic投资至少50亿美元，Anthropic反向承诺从Azure采购价值300亿美元的算力；Nvidia同时投资Anthropic，并要求其在Nvidia架构上开发模型，使三方在资金与算力层面形成闭环。作者将这一生态称为“Blob”，由美国政府、海外主权资金与科技巨头共同推动，并以Stargate等跨国集群为代表。
产业结构已演化为互锁依赖的算力经济体。生成式模型的扩张遵循线性可验证的扩展规律，要求建设成百上千兆瓦级的超级数据中心，使AI公司被迫转型为基础设施建造商。竞争仍然存在，如Google的Gemini更新试图在短期内领先ChatGPT、Claude与Grok，但巨头之间同时保持多重合作关系，包括股票换算力、云服务互供及并行投资。行政层面对AI资本扩张持鼓励态度，如允许Nvidia向中国出售特定芯片，并接受沙特资金在美国AI公司中的深度布局，以换取“护栏”式监管承诺。
这一“Blob”结构意味着系统性风险显著上升：若AI资本泡沫破裂，将牵动所有主导公司，正如Google CEO所言“没有公司能够幸免”。巨头在白宫集体亮相以支持沙特资金流入，表面上代表各自企业，实则作为这一单一巨构体系的成员行动。总体趋势显示AI产业已不再是多家公司竞争，而更像一台互连的资金—算力机械装置。
The article highlights the AI sector’s extreme consolidation into a circular capital-and-compute structure. OpenAI has shifted from a nonprofit ideal to an entity valued between $500 billion and $750 billion, while Anthropic’s valuation jumped from $183 billion to $350 billion in only two months. A recent tri-party deal exemplifies the pattern: Microsoft invests at least $5 billion in Anthropic, Anthropic commits to purchasing $30 billion of Azure compute, and Nvidia invests while requiring Anthropic to build on Nvidia architecture. This creates a closed financial loop among the companies. The author calls this ecosystem “the Blob,” an interlinked system supported by the US government, sovereign foreign capital, and initiatives like the multinational Stargate cluster.
The industry has evolved into an interdependent compute economy. Scaling laws force AI firms to build massive data centers requiring hundreds of megawatts, pushing companies to behave like infrastructure developers. Competition persists—Google’s new Gemini update temporarily edges ahead of ChatGPT, Claude, and Grok—but the same firms maintain overlapping partnerships including stock-for-compute exchanges, reciprocal cloud provisioning, and parallel investments. Government policy encourages expansion, permitting Nvidia to sell certain chips to China and welcoming Saudi capital into major US AI firms in exchange for regulatory “guardrails.”
This “Blob” structure creates significant systemic risk: if the AI financial bubble pops, all leading firms fall together, as Google’s CEO notes that “no company is going to be immune.” Tech leaders appear jointly at White House events supporting Saudi funding, ostensibly representing their firms but effectively acting as members of a single consolidated machine. The overall trajectory shows the AI industry shifting from multi-firm competition toward one interconnected money-and-compute apparatus.