国际清算银行报告：AI 公司 55.2% 融资来自其他 AI 公司
BIS 的新报告挺有意思：AI 公司拿到的钱一半多是同行给的，还有46.4%的关联投资绑定了上下游买卖，看了就知道这轮热潮有多环环相扣。
国际清算银行（BIS）发布报告，分析 AI 行业内部的循环融资现象。AI 公司筹得的资金中有 55.2% 来自其他 AI 公司而非外部投资者，但 AI 公司对外投资时只有 28.7% 流向同行。附带商业买卖关系的 AI-to-AI 交易仅占此类交易数量的 16.1%，却贡献了 46.4% 的金额。报告提示头部 AI 公司一旦出问题，风险会沿资金链条传导至整个行业。
More than half the money AI companies raise, 55.2%, comes from other AI companies instead of outside investors.
- New Bank for International Settlements report on circular financing among AI companies.
When AI firms invest, only 28.7% of their money goes to other AI firms, but for AI firms raising money, those AI investors supply 55.2% of everything they get. The sector's funding rests heavily on its own members, so trouble at the top would spread through the rest of it.
The biggest of those cheques often come with strings attached: just 16.1% of AI-to-AI deals involve firms that also buy from or sell to each other, yet those deals account for 46.4% of the money.
