Circular Financing Has Muddied the AI Story. Watch the Application Layer Instead.

The story being written by the AI market is extraordinary by almost any measure. OpenAI’s revenue grew from $2 billion in 2023 to $20 billion in 2025. Anthropic’s annualized revenue run rate surged from $87 million in January 2024 to $30 billion by April 2026, a trajectory that Salesforce took 20 years to achieve. NVIDIA’s […] The post Circular Financing Has Muddied the AI Story. Watch the Application Layer Instead. appeared first on IDC .