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      <image:title>Blog - The Circle Becomes a Spiral - Make it stand out</image:title>
      <image:caption>The question is not whether money circulates. It is how much independent cash enters from outside the circle.</image:caption>
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      <image:title>Blog - The Circle Becomes a Spiral - Make it stand out</image:title>
      <image:caption>Useful technology does not guarantee that the original financing earns its expected return.</image:caption>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/4b21b71c-7597-40bb-a016-26f89f6c378f/04_When_the_Circle_Becomes_a_Spiral.png</image:loc>
      <image:title>Blog - The Circle Becomes a Spiral - Make it stand out</image:title>
      <image:caption>A conceptual path through which financing pressure can spread. Outside customer cash can interrupt the spiral; the sequence is not a prediction.</image:caption>
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      <image:title>Financing The Meantime - The Circle Becomes a Spiral - Make it stand out</image:title>
      <image:caption>The question is not whether money circulates. It is how much independent cash enters from outside the circle.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/3861e45c-2b90-4c2a-9c31-2a8304d0bff6/03_Nothing_New_Under_the_Sun.png</image:loc>
      <image:title>Financing The Meantime - The Circle Becomes a Spiral - Make it stand out</image:title>
      <image:caption>Useful technology does not guarantee that the original financing earns its expected return.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/87fe205f-f480-4e68-981e-b2a78a6a7bc7/04_When_the_Circle_Becomes_a_Spiral.png</image:loc>
      <image:title>Financing The Meantime - The Circle Becomes a Spiral - Make it stand out</image:title>
      <image:caption>A conceptual path through which financing pressure can spread. Outside customer cash can interrupt the spiral; the sequence is not a prediction.</image:caption>
    </image:image>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/53328913-4945-4ead-8209-c5238a24b49b/Part1Pic1.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>Conceptual illustration. Guarantees and purchase commitments can support financing without representing funded cash.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/4ab1c1df-c6fb-4704-8655-1ccaae666dc1/Part1Pic2.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>Six connected layers with different sources of income, obligations and exposure.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/80099530-aeff-41db-a4f1-bf7ef29c0766/Part1Pic3.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>Selected commercial and financing relationships. A company can occupy several roles; the map is not a complete inventory of transactions.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/ec4a0232-50c2-4182-9caf-7f199c14cf71/Part1Pic4.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>Selected disclosed and reported relationships. Investments, purchase obligations, and contingent support are distinct exposures, not cash amounts to add together. Ohio guarantee terms are reported; capacity purchases are conditional. Neither arrangement is simply vendor lending. Microsoft's FY2026 OpenAI-related revenue and OpenAI's calendar-2025 Microsoft expense cover different periods and are not directly comparable.[7]</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/3282ff0d-9fa6-4c19-a3e4-8bbf56c2c129/Part1Pic5.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>The initial financing tranche is company-confirmed. Detailed vehicle, lease, and guarantee arrangements reflect reporting.[9]</image:caption>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/349463dd-8464-4cc1-9a6f-a5846a76955d/Part1Pic6.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>Underlying transactions are shown separately from the announced Stargate entity. Funded contributions to that entity remain unconfirmed.[12]</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/6c418701-97cb-43c7-87b0-5f7f01b960a8/Part1Pic7.png</image:loc>
      <image:title>Financing The Meantime - Part 1: The Revenue Is Real.The Financing Still Has to Work. - Make it stand out</image:title>
      <image:caption>Illustrative comparison of financing mechanisms, not identical capital structures or a prediction of AI’s outcome.[26]</image:caption>
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    <loc>https://www.tamikatyson.com/financing-the-meantime/part-2-when-the-plan-changes</loc>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/6c2db38d-9d9a-44a5-8721-4e6c2860935d/Part2Pic1.png</image:loc>
      <image:title>Financing The Meantime - Part 2: When the Plan Changes - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/b99d92c3-8c0f-40ff-8944-c23752bf5865/Part2Pic2.png</image:loc>
      <image:title>Financing The Meantime - Part 2: When the Plan Changes - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
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    <loc>https://www.tamikatyson.com/financing-the-meantime/part-3-the-same-buildout-different-stakes</loc>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/d88672f0-b981-4bfb-ba47-b5dbeaaa5f21/Part3Pic1.png</image:loc>
      <image:title>Financing The Meantime - Part 3: The Same Buildout. Different Stakes. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/1d16393d-bafc-4a33-96df-b6c8248dbca6/Part3Pic2.png</image:loc>
      <image:title>Financing The Meantime - Part 3: The Same Buildout. Different Stakes. - Make it stand out</image:title>
      <image:caption>Different claims can respond differently to the same disappointment. The portfolio consequence depends on how much is held and what else shares the exposure.</image:caption>
    </image:image>
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    <loc>https://www.tamikatyson.com/financing-the-meantime/part-4-the-participation-contract</loc>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/aa91be90-d701-4c0d-af88-20d7a2e60376/Part4Pic1.png</image:loc>
      <image:title>Financing The Meantime - Part 4: The Participation Contract - Make it stand out</image:title>
      <image:caption>A customer can make a rational decision to spend less before the business can reduce its obligations. The resulting funding need connects customer value, supplier commitments, employee decisions, and capital.</image:caption>
    </image:image>
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      <image:title>Financing The Meantime - Part 5: Every Assumption Makes Sense. Until You Put Them Together. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6971037da0f24318edadc9b8/11a0a43b-5357-46f0-ab36-6eb7d8e36ab3/Part5Pic2.png</image:loc>
      <image:title>Financing The Meantime - Part 5: Every Assumption Makes Sense. Until You Put Them Together. - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
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