What’s the Deal With Circular AI Deals?

“Circularity” is the latest buzzword in AI, as tech companies strike megadeals with each other. WSJ Heard on the Street columnist Jonathan Weil breaks down why these deals might be a win-win—and how they could go wrong. Plus, WSJ reporter Katherine Bindley explains what brought San Francisco out of the shadow of a doom loop. Belle Lin hosts. Sign up for the WSJ's free Technology newsletter.