Dive into one of the most fascinating — and controversial — themes in markets right now: AI circularity. As Big Tech keeps breaking earnings records, a new question is emerging — is all this AI spending fueling innovation… or just creating a closed money loop between the tech giants? With record Q3 earnings and billion-dollar AI partnerships making headlines, investors are wondering: Is this the next big growth wave — or a Déjà Vu of the dot.com circularity days?

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