NVIDIA, Micron, SK Hynix, and other hardware manufacturers, and also hyperscalers are the ones making the hard cash (unless you’re Oracle, that company is more than fucked)
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They’re also at the centre of a lot of circular deals, nvidia in particular is notorious for it and still doing it.
From last month: https://www.bloomberg.com/news/articles/2026-07-27/nvidia-s-...
Or from 2025: https://www.cnbc.com/2025/10/15/a-guide-to-1-trillion-worth-...
I know, but NVIDIA is also the main beneficiary from that whole scheme, what they get out of it is actual cash. They hyperscalers have a more complicated role though
Nvidia is basically the house loaning money to the gamblers. They don’t care if the gamblers win or lose. They just care that people keep playing.
They also get sales, which prop up the extraordinary share price. That seems to be the main point of the circular deals.