Overview

• Crunchbase data show global venture funding hit about $97 billion in Q3 2025, with roughly 46% flowing to AI, led by Anthropic’s $13 billion round, xAI’s $5.3 billion and Mistral AI’s $2 billion.
• OpenAI announced a multi‑billion‑dollar partnership for AMD’s M4150 GPUs primarily for inference beginning in the second half of 2026, with commitments up to six gigawatts of chips and potential warrants giving OpenAI rights to as much as 10% of AMD shares if conditions are met.
• Analysts highlight “circular” financing risks as suppliers invest in major AI customers, citing Nvidia’s reported up to $100 billion investment in OpenAI alongside OpenAI’s plans to procure 10 gigawatts of Nvidia chips, as well as reported large commitments with Oracle and other partners.
• Prominent voices including Sam Altman, Jeff Bezos, David Solomon and Orlando Bravo warn of bubble‑like dynamics, while Citadel’s Ken Griffin cautions the broader economic payoff from AI could take decades.
• Sustainability concerns are mounting over both financing and energy needs, with reports noting OpenAI’s heavy losses against large commitments—estimated at over $1 trillion—and questions about how to source electricity for gigawatt‑scale data centers.