Well, that’s a complicated story. Nvidia took out $25Bn in loans to make the chips. Microsoft has enough cash to survive for 80 years without making a single dollar of revenue starting today. So the first batch of chips were paid for with 1st party cash reserves. But then the a.i. companies emerged and they actually didn’t have enough cash to buy the chips. So Nvidia invested its cash reserves in the a.i. companies, and the a.i. companies then used that investment money from Nvidia to buy chips from Nvidia. So in the second large tranch of purchases, Nvidia was paying Nvidia.
For data center construction, the a.i. companies can’t pay for data centers because they aren’t credit worthy enough for it. So data centers are predominantly being funded by the Magnificent 7 in one way or another. Some of the a.i. companies have partnered with a Mag7 sponsor to piggy-back on the Mag7 build outs and use their new data center space.
Mag7 data centers are falling into two categories: 1st party and 3rd party. Mag7 data centers built 1st party are being funded directly by the capex budgets of Mag7. They have strong limits on how many simultaneous capex projects they can do because this money hits their balance sheets and each project is huge. But 3rd party builds do not have those limits. 3rd party builds are limited by lending, which is limited by risk. Essentially what’s happening is Mag7 OpEx budgets are being committed to future leases on data centers that aren’t built yet, and then banks are lending money to builders against those leases. The leases are them sold into the securities market so that the banks can maintain liquidity and keep the pipeline flowing.
Which sounds a lot like the subprime mortgage crisis all over again. A whole bunch of financial institutions are sitting on massive securities that derive their value from the future revenues of leases for data centers that don’t exist yet, and the majority of data center projects are failing.
In the end, there is no direct precise answer to “who’s paying them to do it” but the accurate holistic answer is “the blob” or “the machine”. The corporate-finance-military-industrial-state elite bloc.




Funnelling weapons into the losing side of a war is how you get a forever war that devastates the losing side. The West has done it for years. They are killing Ukraine with this strategy.
The idea that Russia isn’t serious about peace sort of flies in the face of the last 30 years of Russian diplomacy. Since 1992, Russia has only had military conflicts with a handful of countries and only at their borders and never to occupy or ethnically cleanse. In the same time, the US has had military conflicts with over a dozen countries none of them around their border, with some countries completely devastated and leveled, at lease one active genocide, and with massive extractive occupation. Russia spent the 90s and early 2000s trying to join NATO to establish a framework of mutual security with the West and the West not only refused but basically strung them along saying that maybe someday if they’re good. Eventually Russia realized the West has no intention of establishing mutual security and now we’re here, where Russia is running out of options if it wants national security.
Security assessments from Western intelligence organizations has repeatedly stated that Russia is not discussing, is not planning, and has not the capacity to invade and occupy all of Ukraine, or any more of Europe. The idea that Russia is just trying to win territory and then it’ll just keep doing it is the premise of Command and Conquer: Red Alert, not a serious assessment of the reality of Russian capabilities and plans.
The path to peace was exactly what Russia was asking for over decades - a mutual security framework. All security is mutual. The reason France and England are at peace with each other is because they have a security framework that incorporates the security needs of both countries. The reason Europe and Russia are not at peace is precisely because the European security framework excludes Russian security needs and does so knowingly and explicitly. How many times have we heard “Russia cannot decide who gets to join NATO”. That’s literally saying “Russia has no legitimate national security concerns that we have to take seriously”. In essence, Europe cares if Europe feels threatened by Russia, but Europe does not care if Russia feels threatened by Europe. That imbalance is the cause of the conflict.
So yes, if we want peace, the answer is to stop the fighting, and the fighting would have stopped over a year ago if the West had stopped propping up Ukraine with weapons, but also, the fighting would not have even started if the West hadn’t been bringing in weapons and military and nuclear readiness to Ukraine in the first place. So it’s sort of silly to say the West should stop arming Ukraine to end the war because the war exists because the West was arming Ukraine in order to create the conditions for war in the first place.
It is the West that is untrustworthy here.