  Recent experiments showing an integer quantum anomalous Hall effect in
pentalayer rhombohedral graphene have been interpreted in terms of a
valley-polarized interaction-induced Chern band. The resulting many-body state
can be viewed as an Anomalous Hall Crystal (AHC), with a further coupling to a
weak moir\'e potential. We explain the origin of the Chern band and the
corresponding AHC in the pentalayer system. To describe the competition between
AHC and Wigner Crystal (WC) phases, we propose a simplified low-energy
description that predicts the Hartree-Fock phase diagram to good accuracy. This
theory can be fruitfully viewed as `superconducting ring' in momentum space,
where the emergence of Chern number is analogous to the flux quantization in a
Little-Parks experiment. We discuss the possible role of the moir\'e potential,
and emphasize that even if in the moir\'e-less limit, the AHC is not favored
(beyond Hartree-Fock) over a correlated Fermi liquid, the moir\'e potential
will push the system into a `moir\'e-enabled AHC'. We also suggest that there
is a range of alignment angles between R5G and hBN where a $C = 2$ insulator
may be found at integer filling.
