BIS finds 55.2% of money invested in AI firms came from other AI firms
A BIS bulletin finds that from 2021 to 2025, 28.7% of AI firms' investment deals by value went into other AI firms, and 55.2% of incoming investment came from AI firms. In 46.4% of AI-to-AI deals by value, the investor and target also had a supplier-customer link. The authors say these circular ties help secure critical inputs, but carry macroeconomic risks and make the sector harder to see into.