. Cyclic sharing (cyclic graph rewriting) has been used as a practical technique for implementing recursive computation efficiently. To capture its semantic nature, we introduce categorical models for lambda calculi with cyclic sharing (cyclic lambda graphs), using notions of computation by Moggi / Power and Robinson and traced monoidal categories by Joyal, Street and Verity. The former is used for representing the notion of sharing, whereas the latter for cyclic data structures. Our new models provide a semantic framework for understanding recursion created from cyclic sharing, which includes traditional models for recursion created from fixed points as special cases. Our cyclic lambda calculus serves as a uniform language for this wider range of models of recursive computation. 1 Introduction One of the traditional methods of interpreting a recursive program in a semantic domain is to use the least fixed-point of continuous functions. However, in the real implementations of program...