The Circle of Financing: Is AI Becoming America’s Last Growth Narrative?

The Circle of Financing: Is AI Becoming America’s Last Growth Narrative?

In Norse mythology, Jörmungandr, the World Serpen, is so vast that he encircles the Earth, biting his own tail. He is a living embodiment of the Ouroboros, an ancient symbol of infinite, self-reinforcing cycles.

Legend says that when Jörmungandr releases his tail, Ragnarök—the end of the world begins.

The Ouroboros has long stood for cosmic balance, but in markets, it often points to something more fragile: circular, self-fueling systems that can turn on themselves.

And that brings us to today’s AI boom which is an ecosystem that much like the Ouroboros, seems to be feeding on itself. Let’s hope it doesn’t let go.

An illustration of Yggdrasil, the Norse World Tree that connects all realms, with Jörmungandr, the world serpent, encircling Midgard at its base.

Trillions In, Productivity TBD

2025 has been a great year to be bullish on AI. But is it getting too great?

Once again, a single theme did the heavy lifting for U.S. equities: artificial intelligence. AI-linked companies accounted for 80% of all U.S. stock market gains year-to-date. And it’s not just stocks. AI investment has driven an estimated 40% of U.S. GDP growth in 2025.

It sounds like a miracle.

But scratch beneath the surface and the picture gets… weird.

Everything looks to be one big giant interlocking circle

Source: Bloomberg

The rally isn’t broad-based. It’s the opposite. Outside of the Big AI names, the U.S. economy is showing cracks: a softening labor market, sluggish consumption, and record-high debt. In short, this isn’t a rising tide lifting all boats. It’s a hydrofoil dragging a bunch of broken paddleboards.

So what’s keeping it all aloft?

A lot of capital. And a lot of circularity.

Everyone Buys Everyone Else’s Chips

Let’s talk about the AI money machine. According to Bloomberg, here’s what the current capital flow looks like:

  • Nvidia agrees to invest up to $100B in OpenAI
  • OpenAI uses that money to buy Nvidia chips
  • Oracle inks a $300B cloud deal with OpenAI
  • Oracle spends billions on Nvidia chips
  • CoreWeave gets Nvidia investment → sells compute to OpenAI → gives OpenAI equity
  • xAI (Elon Musk) raises $20B to rent Nvidia chips
  • OpenAI gets AMD chips → receives 10% equity stake in AMD via warrants

If that sounds a little too tidy, you’re not alone.

Veteran short seller Jim Chanos called it out bluntly: “If demand for compute is infinite, why do the sellers keep subsidizing the buyers?”

All major firms are tied to OpenAI one way or another

Source: Financial Times

What we’re witnessing is a $1 trillion capex circularity, where everyone is simultaneously the customer, supplier, and investor.

The Return of Vendor Financing (With Trillions Attached)

This circularity isn’t new. We saw something similar during the dot-com boom, when companies booked revenue by buying each other’s ads and services. Back then, it was banners and buzzwords. Now, it’s multi-billion-dollar chip orders and GPU rentals.

The Mag 7 vs Dot com Leaders – the stakes this time are dramatically higher.

Source: Goldman Sachs, March 2025

According to JPMorgan, over $1.2 trillion in investment-grade debt is now tied to companies linked to AI making it the largest segment in the high-grade bond market, surpassing even U.S. banks.

That figure has surged from just 11.5% of the market in 2020 to 14% today, encompassing 75 companies across tech, utilities, and capital goods, including Oracle, Apple, and even Duke Energy. Many of these firms are cash-rich, low-leverage, and considered high-quality issuers, which helps explain why their bonds trade tighter than the broader market.

But it also means one thing: AI is now a credit story.

Oracle’s recent $18 billion bond sale, the second-largest of the year, drew a staggering $88 billion in demand. Investors and underwriters are piling into the space, viewing AI data center expansion as the next secular credit theme. Even Bank of America says AI buildouts could meaningfully boost corporate debt issuance volumes.

And here’s the vendor-financing twist: much of this debt is being used to fund infrastructure that then services the same AI companies issuing the debt or receiving equity investments from those infrastructure providers.

The logic is tight. The flows are tighter.

But that also means risk is tightly concentrated. If AI fails to deliver, the unwind wouldn’t just hit equity. It could ripple through credit markets too.

JPMorgan notes that while fundamentals remain sound for now, the tight spread levels leave little margin for error. If companies use cash from bond proceeds for aggressive capex or acquisitions without generating returns before redemption, the risks compound.

It’s not fake. But it is increasingly leveraged belief.

Belief > Balance Sheets

So far, the justification for all this capex is that AI will supercharge productivity.

But here’s the catch: it hasn’t yet.

In our blog The AI Curveball, we warned that AI is front-loading costs, not savings. Power demand, chip inflation, cooling infrastructure — all up. But labor productivity? Still flat.

And now, there’s more data to back it up.

A recent MIT study of over 300 publicly disclosed AI initiatives found that 95% of enterprise GenAI pilots have failed to deliver any measurable financial return despite $30–40 billion invested into GenAI initiatives. While tools like ChatGPT and Copilot are widely adopted (with 40% of organizations reporting deployment), they’ve mostly enhanced individual productivity — not corporate P&Ls.

Enterprise-scale solutions? That’s where the failures stack up. Of those evaluated:

  • Only 20% made it to pilot stage
  • Only 5% reached full production

Why? It’s not the models, or the regulation, or even the infrastructure. It’s the lack of contextual learning and integration. Most AI systems don’t adapt, don’t retain feedback, and don’t align with actual business workflows.

The more complex the task, the less willing people are going to use AI

Source: MIT

MIT calls it the GenAI Divide — a split between the 5% of companies extracting millions in value, and the 95% still stuck in pilot purgatory.

This is starting to feel less like a tech boom and more like a faith-based economy. The narrative has become:

Yes, debt is rising. Yes, consumption is fragile. But it’s okay, because AI will save us.

Let’s contrast this with another asset class we like: gold.

As we explored in The Price of Intelligence and The Return of Real Money, gold is also powered by belief — but it’s belief backed by restraint.

Gold supply is tight. Production growth is capped. Central banks continue to buy.

In short, it’s a real asset that doesn’t rely on everyone renting each other’s GPUs to keep the story going.

So What? A Market Built on Echoes

America has become one big bet on AI. And that bet is now funding:

  • GDP growth
  • Consumer wealth effects
  • Investor inflows
  • Even foreign demand for U.S. equities

But like any leverage cycle, it needs to work.

Because if AI doesn’t deliver the promised productivity gains soon, all those circular deals might look less like “strategic partnerships” and more like a trillion-dollar trust fall.

Final Thought: What Happens If Faith Gets Marked to Market?

We’re not anti-AI. But we are pro-questioning.

When a single theme drives 80% of the market and 40% of GDP, it becomes less a theme and more a theology. And theology, as investors know, doesn’t always translate into free cash flow.

So here’s the question: Is this still investing — or is it just narrative compounding?

If belief becomes the product, who’s left holding the faith?

 

Tara Mulia

For more blogs like these, subscribe to our newsletter here!




Admin heyokha




Share




In Norse mythology, Jörmungandr, the World Serpen, is so vast that he encircles the Earth, biting his own tail. He is a living embodiment of the Ouroboros, an ancient symbol of infinite, self-reinforcing cycles.

Legend says that when Jörmungandr releases his tail, Ragnarök—the end of the world begins.

The Ouroboros has long stood for cosmic balance, but in markets, it often points to something more fragile: circular, self-fueling systems that can turn on themselves.

And that brings us to today’s AI boom which is an ecosystem that much like the Ouroboros, seems to be feeding on itself. Let’s hope it doesn’t let go.

An illustration of Yggdrasil, the Norse World Tree that connects all realms, with Jörmungandr, the world serpent, encircling Midgard at its base.

Trillions In, Productivity TBD

2025 has been a great year to be bullish on AI. But is it getting too great?

Once again, a single theme did the heavy lifting for U.S. equities: artificial intelligence. AI-linked companies accounted for 80% of all U.S. stock market gains year-to-date. And it’s not just stocks. AI investment has driven an estimated 40% of U.S. GDP growth in 2025.

It sounds like a miracle.

But scratch beneath the surface and the picture gets… weird.

Everything looks to be one big giant interlocking circle

Source: Bloomberg

The rally isn’t broad-based. It’s the opposite. Outside of the Big AI names, the U.S. economy is showing cracks: a softening labor market, sluggish consumption, and record-high debt. In short, this isn’t a rising tide lifting all boats. It’s a hydrofoil dragging a bunch of broken paddleboards.

So what’s keeping it all aloft?

A lot of capital. And a lot of circularity.

Everyone Buys Everyone Else’s Chips

Let’s talk about the AI money machine. According to Bloomberg, here’s what the current capital flow looks like:

  • Nvidia agrees to invest up to $100B in OpenAI
  • OpenAI uses that money to buy Nvidia chips
  • Oracle inks a $300B cloud deal with OpenAI
  • Oracle spends billions on Nvidia chips
  • CoreWeave gets Nvidia investment → sells compute to OpenAI → gives OpenAI equity
  • xAI (Elon Musk) raises $20B to rent Nvidia chips
  • OpenAI gets AMD chips → receives 10% equity stake in AMD via warrants

If that sounds a little too tidy, you’re not alone.

Veteran short seller Jim Chanos called it out bluntly: “If demand for compute is infinite, why do the sellers keep subsidizing the buyers?”

All major firms are tied to OpenAI one way or another

Source: Financial Times

What we’re witnessing is a $1 trillion capex circularity, where everyone is simultaneously the customer, supplier, and investor.

The Return of Vendor Financing (With Trillions Attached)

This circularity isn’t new. We saw something similar during the dot-com boom, when companies booked revenue by buying each other’s ads and services. Back then, it was banners and buzzwords. Now, it’s multi-billion-dollar chip orders and GPU rentals.

The Mag 7 vs Dot com Leaders – the stakes this time are dramatically higher.

Source: Goldman Sachs, March 2025

According to JPMorgan, over $1.2 trillion in investment-grade debt is now tied to companies linked to AI making it the largest segment in the high-grade bond market, surpassing even U.S. banks.

That figure has surged from just 11.5% of the market in 2020 to 14% today, encompassing 75 companies across tech, utilities, and capital goods, including Oracle, Apple, and even Duke Energy. Many of these firms are cash-rich, low-leverage, and considered high-quality issuers, which helps explain why their bonds trade tighter than the broader market.

But it also means one thing: AI is now a credit story.

Oracle’s recent $18 billion bond sale, the second-largest of the year, drew a staggering $88 billion in demand. Investors and underwriters are piling into the space, viewing AI data center expansion as the next secular credit theme. Even Bank of America says AI buildouts could meaningfully boost corporate debt issuance volumes.

And here’s the vendor-financing twist: much of this debt is being used to fund infrastructure that then services the same AI companies issuing the debt or receiving equity investments from those infrastructure providers.

The logic is tight. The flows are tighter.

But that also means risk is tightly concentrated. If AI fails to deliver, the unwind wouldn’t just hit equity. It could ripple through credit markets too.

JPMorgan notes that while fundamentals remain sound for now, the tight spread levels leave little margin for error. If companies use cash from bond proceeds for aggressive capex or acquisitions without generating returns before redemption, the risks compound.

It’s not fake. But it is increasingly leveraged belief.

Belief > Balance Sheets

So far, the justification for all this capex is that AI will supercharge productivity.

But here’s the catch: it hasn’t yet.

In our blog The AI Curveball, we warned that AI is front-loading costs, not savings. Power demand, chip inflation, cooling infrastructure — all up. But labor productivity? Still flat.

And now, there’s more data to back it up.

A recent MIT study of over 300 publicly disclosed AI initiatives found that 95% of enterprise GenAI pilots have failed to deliver any measurable financial return despite $30–40 billion invested into GenAI initiatives. While tools like ChatGPT and Copilot are widely adopted (with 40% of organizations reporting deployment), they’ve mostly enhanced individual productivity — not corporate P&Ls.

Enterprise-scale solutions? That’s where the failures stack up. Of those evaluated:

  • Only 20% made it to pilot stage
  • Only 5% reached full production

Why? It’s not the models, or the regulation, or even the infrastructure. It’s the lack of contextual learning and integration. Most AI systems don’t adapt, don’t retain feedback, and don’t align with actual business workflows.

The more complex the task, the less willing people are going to use AI

Source: MIT

MIT calls it the GenAI Divide — a split between the 5% of companies extracting millions in value, and the 95% still stuck in pilot purgatory.

This is starting to feel less like a tech boom and more like a faith-based economy. The narrative has become:

Yes, debt is rising. Yes, consumption is fragile. But it’s okay, because AI will save us.

Let’s contrast this with another asset class we like: gold.

As we explored in The Price of Intelligence and The Return of Real Money, gold is also powered by belief — but it’s belief backed by restraint.

Gold supply is tight. Production growth is capped. Central banks continue to buy.

In short, it’s a real asset that doesn’t rely on everyone renting each other’s GPUs to keep the story going.

So What? A Market Built on Echoes

America has become one big bet on AI. And that bet is now funding:

  • GDP growth
  • Consumer wealth effects
  • Investor inflows
  • Even foreign demand for U.S. equities

But like any leverage cycle, it needs to work.

Because if AI doesn’t deliver the promised productivity gains soon, all those circular deals might look less like “strategic partnerships” and more like a trillion-dollar trust fall.

Final Thought: What Happens If Faith Gets Marked to Market?

We’re not anti-AI. But we are pro-questioning.

When a single theme drives 80% of the market and 40% of GDP, it becomes less a theme and more a theology. And theology, as investors know, doesn’t always translate into free cash flow.

So here’s the question: Is this still investing — or is it just narrative compounding?

If belief becomes the product, who’s left holding the faith?

 

Tara Mulia

For more blogs like these, subscribe to our newsletter here!




Admin heyokha




Share






Comment



Comment



Other Publications

Other Publications

Stay Connected with Heyokha

Sign up to receive insights, updates, and perspectives directly from Heyokha

Stay Connected with Heyokha

Sign up to receive insights, updates, and perspectives directly from Heyokha

Heyokha Footer Logo

We drive our mission with an exceptional culture through applying a growth mindset where holistic and on the ground research is at our core.

Help
×

Terms & Conditions

You must read the following information before proceeding. By accessing this website and any pages thereof, you acknowledge that you have read the following information and accept the terms and conditions set out below and agree to be bound by such terms and conditions. If you do not agree to such terms and conditions, please do not access this website or any pages thereof.

The website has been prepared by Heyokha Brothers Limited and is solely intended for informational purposes and should not be construed as an inducement to purchase or sell any security, product, service, or investment. The Site does not solicit an offer to buy or sell any financial instrument or enter into any agreement. It is important to note that the opinions expressed on the Site are not considered investment advice, and it is recommended that individuals seek independent advice as needed to address their specific objectives, financial situation, or needs. It is the responsibility of the persons who access this website to observe all applicable laws and regulations.

The Site offers general information exclusively and does not consider the individual circumstances of any person. The data, opinions, and estimates presented on the Site are current as of the publication date and are subject to changes without notice. Additionally, it is possible that such information may become obsolete with time.

Intended Users

The content presented on this website is exclusively intended for authorized intermediaries and qualified investors within Hong Kong, such as institutional investors, professional investors, and accredited investors (as defined under the SFO). It is not intended for retail investors or individuals located outside of Hong Kong.

The products and services mentioned on this website may or may not be authorized or registered for distribution in a particular jurisdiction and may not be suitable for all investor types. It is important to note that this website is not intended to constitute an offer or solicitation, nor is it directed toward individuals if the provider of the information is prohibited by any law of any jurisdiction from making the information available. Moreover, the website is not intended for any use that would violate local laws or regulations. The provider of the information is not permitted to promote any products or services mentioned on this website in jurisdictions where such promotion would be prohibited.

If you are not a qualified investor or licensed intermediary in Hong Kong, you should not proceed any further.

No Investment Advice

The information provided on this Website is for informational purposes only and should not be considered as investment advice or a recommendation to buy, sell, hold, or transact in any investment. It is strongly recommended that individuals seek professional investment advice before making any investment decisions.

The information presented on this Website does not consider the investment objectives, specific needs, or financial situations of any investor. It is important to note that nothing on this Website is intended to constitute financial, legal, accounting, or tax advice.

Before making any investment decision, individuals should carefully consider whether an investment aligns with their investment objectives, specific needs, and financial situation. This should also include informing oneself of any potential tax implications, legal requirements, foreign exchange restrictions, or exchange control requirements that may be relevant to an investment based on the laws of one’s citizenship, residence, or domicile. If there is any doubt regarding the information on this Website, it is recommended that individuals seek independent professional financial advice.

It is important to note that any opinion, comment, article, financial analysis, market forecast, market commentary, or other information published on the Website is not binding on Heyokha or its affiliates, and they are not responsible for the information, opinions, or ideas presented.

Obligations and Resposibilities of Users

Users are solely responsible for protecting and backing up their data and equipment, as well as taking reasonable precautions against any computer virus or other destructive elements. Additionally, users must ensure that their access to the Site is adequately secured against unauthorized access.

Users are prohibited from using the Site for any unlawful, defamatory, offensive, abusive, indecent, menacing, or threatening purposes, or in any way that infringes upon intellectual property rights or confidentiality obligations. Furthermore, users may not use the Site to cause annoyance, inconvenience, or anxiety to others, or in any way that violates any applicable laws or regulations.

Users must comply with any terms notified to them by third-party suppliers of data or services to the Site. This may include entering into a direct agreement with such third parties in respect of their use of the dat

Third-Party Content

This website may contain Third Party Content or links to websites maintained by third parties that are not affiliated with Heyokha. Heyokha does not participate in the preparation, adoption, or editing of such third-party materials and does not endorse or approve such content, either explicitly or implicitly. Any opinions or recommendations expressed on third party materials are solely those of the independent providers and not of Heyokha. Heyokha is not responsible for any errors or omissions relating to specific information provided by any third party.

Although Heyokha aims to provide accurate and timely information to users, neither Heyokha nor the Third-Party Content providers guarantee on the accuracy, timeliness, completeness, usefulness, or any other aspect of the information presented. Heyokha is not responsible or liable for any content, including advertising, products, or other materials on or available from third party sites. Users access and use Third Party content is at their own risk, and it is provided for informational purposes only. Both Heyokha and the Third-Party shall not be liable for any loss or damage arising from users’ reliance upon such information.

Intellectual Property Rights

The content of this website is subject to copyright and other intellectual property laws. All trademarks, service marks, logos, and brand features displayed on the website are owned by their respective owners, except as explicitly noted. Users may use the information on this website and reproduce it for personal reference only. However, reproduction, distribution, transmission, incorporation in any other database, document, or material, and sale or distribution of any part of the contents of the website is strictly prohibited. Users may download or print individual sections of the website for personal use and information only, provided they are legally entitled to access the material and retain all copyright and other proprietary notices.

Any unauthorized use of the content, trademarks, service marks, or logos displayed on the website may violate copyright, trademark, or other intellectual property laws, as well as laws of privacy and publicity and communications. Any reference or link to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favouring by our company.

We provide such references or links solely for the convenience of our users and to provide additional information. Our company is not responsible for the accuracy, legality, or content of any external website or resource linked to or referenced from our website. Users are solely responsible for complying with the terms and conditions of any external websites or resources.

Cookies

In order to enhance user experience and simplify future visits, this website may utilize cookies to track your activity. However, if you do not want to store cookies on your device, you can disable them by adjusting your browser’s security settings.

Data Privacy

Please read our Privacy Statement before providing Heyokha with any personal information on this website. By providing any personal information on this website, you will be deemed to have read and accepted our Privacy Statement.

Use of Website

The information contained on the website is accurate only as of the date of publication and does not constitute investment advice or recommendations. While certain tools available on the website may provide general investment or financial analyses based upon personalized input, such results are for information purposes only, and users should refer to the assumptions and limitations relevant to the use of such tools as set out on the website. Users are solely responsible for determining whether any investment, security or strategy, or any other product or service is appropriate or suitable for them based on their investment objectives and personal and financial situation. Users should consult their independent professional advisers if they have any questions. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment.

Disclaimer of Liability Heyokha makes no warranty as to the accuracy, completeness, security, and confidentiality of information available through the website. Heyokha, its affiliates, directors, officers, or employees accept no liability for any errors or omissions relating to information available through the website or for any damages, losses or expenses arising in connection with the website, whether direct or indirect, arising from the use of the website or its contents. Heyokha also reserves the right to modify, suspend, or discontinue the website at any time without notice. Heyokha shall not be liable for any such modification, suspension, or discontinuance.

×

Data Privacy Terms and Conditions

Personal Information Collection Statement:

Pursuant to the Personal Data (Privacy) Ordinance (the ‘Ordinance’), Heyokha Brothers Limited is fully committed to safeguarding the privacy and security of personal information in compliance with all relevant laws and regulations. This statement outlines how we collect, use, and protect personal information provided to us.

Collection of Personal Information:

We collect and maintain personal information, in a manner consistent with all relevant laws and regulations. We take necessary measures to ensure that personal information is correct and up to date. Personal information will only be used for the purpose of utilization and will not be disclosed to third parties (except our related parties e.g.: Administrators) without consent from the individual, except for justifiable grounds as required by laws and regulations.

We may collect various types of personal data from or about you, including:

  • Your name
  • Your user names and passwords
  • Contact information, including address, email address and/or telephone number
  • Information relating to your engagement with material that we publish or otherwise provide to you
  • Records of our interactions with you, including any messages you send us, your comments and questions and any other information you choose to provide.

The Company may automatically collect information about you from computer or internet browser through the use of cookies, pixel tags, and other similar technologies to enhance the user experience on its websites. Third parties may be used to collect personal data and information indirectly through monitoring activities conducted by the Company or on its behalf.

Company does not knowingly collect personal data from anyone under the age of 18 and does not seek to collect or process sensitive information unless required or permitted by law and with express consent.

Uses of your Personal Data:

We may use your personal data for the purposes it was provided and in connection with our services as described below:

  • Provide products/services or info as requested or expected.
  • Fulfill agreements and facilitate business dealings.
  • Manage relationships, analyse websites and communications, and merge personal data for relevance.
  • Support and improve existing products/services, and plan/develop new ones.
  • Count/recognize website visitors and analyse usage.
  • To comply with and assess compliance with applicable laws, rules and regulations and internal policies and procedures.
  • Use information for any other purpose with consent.

Protection of Personal Information:

We provide thorough training to our officers and employees to prevent the leakage or inappropriate use of personal information and provide information on a need-to-know basis. Managers in charge for controls and inspections are appointed, and appropriate control systems are established to ensure the privacy and security of personal information.

In the event that personal information is provided to an external contractor (e.g.: Administrator), we take responsibility for ensuring that the external contractor has proper systems in place to protect the privacy of personal information.

Third parties disclosure of Personal Information:

Personal information held by us relating to an individual will be kept confidential but may be provided to third parties the following purpose:

  • Comply with applicable laws or legal processes.
  • Investigate and prevent illegal activity, fraud, or violations of terms and conditions.
  • Protect and defend legal rights or defend against legal claims.
  • Facilitate business or asset transactions, such as financing, mergers, acquisitions, or bankruptcy.
  • With our related parties (e.g.: administrators) that are subject to appropriate data protection obligations
  • Representatives, agents or custodians appointed by the client (e.g.: Auditors, accountant)

Retention of Personal Information:

Disclosure, correction and termination of usage shall be carried out upon request of an individual in accordance with relevant laws and regulations.

Personal information collected will be retained for no longer than is necessary for the fulfilment of the purposes for which it was collected as per applicable laws and regulations.

Rights of the Individual:

Under relevant laws and regulations, any individual has the right to request access to any of the personal data that we hold by submitting a written request. Individuals are also entitled to request to correct, cancel or delete any of the personal data we hold if they believe such information is inaccurate, out of date or we no longer have a legitimate interest or lawful justification to retain or process.

×

Disclaimer

Heyokha Brothers Limited is the issuer of this website and holds Type 4 (advising on securities) and Type 9 (asset management) licenses issued by the Securities and Futures Commission in Hong Kong.

The information provided on this website has been prepared solely for licensed intermediaries and qualified investors in Hong Kong, including professional investors, institutional investors, and accredited investors (as defined under the Securities and Futures Ordinance). The information provided on this website is for informational purposes only and should not be construed as investment advice, nor an offer to sell or a solicitation of an offer to buy any security, investment product, or service.

Investment involves risk and investors may lose their entire investment. Investors are advised to seek professional advice before making any investment decisions. Past performance is not indicative of future performance and the value of investments may fluctuate. Please refer to the offering document(s) for
details, including the investment objectives, risk factors, and fees and charges.

Heyokha Brothers Limited reserves the right to amend, update, or remove any information on this website at any time without notice. By accessing and using this website, you agree to be bound by the above terms and conditions.

Heyokha Footer Logo

We drive our mission with an exceptional culture through applying a growth mindset where holistic and on the ground research is at our core.

Publications
Help
×

Thank you for subscribing!

You will now gain access to our latest insights, updates, and carefully selected stories, designed to keep you informed and ahead of the curve.