🚨 THE AI BUBBLE IS STARTING TO LOOK LIKE A GAME OF MUSICAL CHAIRS: The AI ecosystem is becoming increasingly interconnected, with a huge share of revenue at major companies now dependent on spending from a small group of AI players. Applied Digital, $APLD, has the highest AI-related revenue exposure at ~86%, followed by CoreWeave, $CRWV, at ~80%, SK Hynix at ~58%, Nvidia, $NVDA, at ~51%, and TSMC, $TSM, at ~46%. The concentration is striking, with Applied Digital depending heavily on Oracle and CoreWeave, while CoreWeave relies primarily on Microsoft, with additional exposure to Google and Meta. AI companies are spending heavily on chips and infrastructure, those suppliers generate revenue from that spending, and the resulting revenue supports further investment across the same ecosystem. With AI investment increasingly financed through debt, the ecosystem is becoming a circular financing system, with capital flowing between companies and helping fund further investment across the same AI ecosystem. Put simply, the AI bubble increasingly looks like a game of musical chairs. As long as spending remains high, most players benefit, but if one major player cuts spending, the revenue shock could quickly spread across the entire chain. Are you playing?