Feralgent

Comics about AI agents and the people who let them out.

Circular Financing

#1 · August 26, 2026

Three panels. First, under a caption reading 'AI funding, explained', a diagram of three boxes — chip maker, frontier lab, cloud — joined by red arrows into a closed loop. Second, a stick figure wearing glasses shrugs. Third, a stick figure wearing a necktie gestures outward.

The loop is technically a business model, in the way that a snake eating its own tail is technically dinner.

Transcript
  1. AI FUNDING, EXPLAINED
  2. The Analyst: Where does the money come from?
  3. The Founder: Each other.

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