Circular relationships among AI firms
Of all the AI-to-AI investment deals between 2021 and 2025, 16.1% (by deal count) and 46.4% (by deal value) also involved commercial supply chain relationships between the investor and target firms. Circular investment relationships reflect key economic features such as the need to secure critical inputs and the presence of information asymmetries, yet they entail macroeconomic risks and increase opacity. The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.
- ▪Of all the AI-to-AI investment deals between 2021 and 2025, 16.1% (by deal count) and 46.4% (by deal value) also involved commercial supply chain relationships between the investor and target firms.
- ▪Circular investment relationships reflect key economic features such as the need to secure critical inputs and the presence of information asymmetries, yet they entail macroeconomic risks and increase opacity.
- ▪The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.
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| Original publisher | Bank for International Settlements |
| Canonical URL | https://www.bis.org/publications/bulletin-137-circular-relationships-among-ai-firms |
| Publication time | Thu, 01 Oct 2026 13:17:36 +0000 |
| Retrieval time | 2026-10-01T13:22:32.649Z |
| Last seen | 2026-10-01T13:22:32.649Z |
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Home Research & publications Circular relationships among AI firms 5 Authors PDF (8 Pages) Type Publication Series BIS Bulletin 137 Date Published 01 October 2026 Key takeaways Between 2021 and 2025, 28.7% of artificial intelligence (AI) firms’ investment deals (by deal value) involved a target company that was also an AI firm, while 55.2% of incoming investments in AI firms came from other AI firms. Of all the AI-to-AI investment deals between 2021 and 2025, 16.1% (by deal count) and 46.4% (by deal value) also involved commercial supply chain relationships between the investor and target firms.
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