When Investment Becomes Revenue

In October 2025, when Microsoft announced its restructured partnership with OpenAI, the numbers told a peculiar story. Microsoft now holds an investment valued at approximately $135 billion in OpenAI, representing roughly 27 per cent of the company. Meanwhile, OpenAI has contracted to purchase an incremental $250 billion of Azure services. The money flows in a perfect circle: investment becomes infrastructure spending becomes revenue becomes valuation becomes more investment. It's elegant, mathematically coherent, and possibly the blueprint for how artificial intelligence will either democratise intelligence or concentrate it in ways that make previous tech monopolies look quaint. This isn't an isolated peculiarity. Amazon invested $8 billion in Anthropic throughout 2024, with the stipulation that Anthropic use Amazon's custom Trainium chips and AWS as its primary cloud provider. The investment returns to Amazon as infrastructure spending, counted as revenue, justifying more investment