{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T16:26:41Z","timestamp":1786724801291,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>The artificial-intelligence infrastructure stack now exhibits a distinctive structural feature. A small number of firms are simultaneously each other's largest customers, suppliers, and equity investors. I review the literatures relevant to the resulting concentration risk. These cover financial-network systemic risk, multilayer network science, production-network shock propagation, customer-concentration cost-ofcapital effects, and disclosure regulation. I also engage transaction-cost theory of the firm to compare multilayer cross-holdings with the alternative organizational form of vertical integration. I discuss the historical analogue of vendor financing in the 1999-2002 telecom collapse. I formalize the multilayer exposure structure and identify three open mechanisms that current theory does not address. I report preliminary empirical evidence from a constructed ten-node multilayer network. Multiplex eigenvector centrality and PageRank robustness checks both rank OpenAI as the most central node despite its private status. I conduct a two-event study on the same firm three months apart. Microsoft's 28 January 2026 OpenAI-concentration disclosure produces a three-day cumulative abnormal return of-9.59% (t =-5.43, FF5 + orthogonalized AI portfolio benchmark). The 27 April 2026 Microsoft-OpenAI amendment, framed as risk-reducing, produces a three-day CAR of +3.09% (t = +1.39, market model; null result). The asymmetric pattern is consistent with the prediction that revelation of previously unpriced concentration produces large repricing while resolution of partially anticipated concentration produces small repricing. Microsoft's post-disclosure factor structure also shifted: the orthogonalized AI factor loading moved from indistinguishable from zero to-0.36 (t =-3.13). I engage explicitly with the strongest skeptical arguments against the systemic-risk framing. I argue that the AI infrastructure case has implications for financial stability that warrant formal empirical study.<\/jats:p>","DOI":"10.2139\/ssrn.6743559","type":"posted-content","created":{"date-parts":[[2026,5,10]],"date-time":"2026-05-10T13:49:55Z","timestamp":1778420995000},"source":"Crossref","is-referenced-by-count":0,"title":["Circular Financing and Concentration Risk in the AI Infrastructure Stack A Literature Review with Two-Event Empirical Evidence"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T15:27:06Z","timestamp":1786721226000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6743559"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6743559","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}