Cahn: Chip makers finance AI buildouts to book revenue circularly
David Cahn · Sequoia Partner, David Cahn on Who Wins in AI, Defence & The New $0–$100M Playbook · 20VC with Harry Stebbings · Oct 27, 2025 · at 24:05
Sequoia Capital Partner David Cahn explains how circular deal structures have emerged in AI infrastructure financing on 20VC with Harry Stebbings.
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“The chip companies are now stepping up and saying, okay, we'll absorb some of the risk. We'll put in the capital to finance this build out where the demand on the other side is not so clear because of course the chip companies also get to book this as revenue.”
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