WSJ Details AI Giants’ Cross-Deals, Stoking Fresh Bubble Fears

Overview

• The Wall Street Journal reported that Nvidia pledged up to $100 billion to OpenAI, while OpenAI plans to buy millions of Nvidia chips.
• Major players including Nvidia, Microsoft, OpenAI, Oracle, AMD, and CoreWeave are described as investing in one another while also serving as each other’s customers.
• Commentary cited in the report cautions that the same capital circulating among the same firms can make revenue and valuations look stronger than underlying demand.
• Observers compare the pattern to 1990s dot-com vendor financing that boosted sales until customer failures cascaded through suppliers.
• OpenAI is reported at about a $500 billion valuation without profitability, with Microsoft both a shareholder and a customer, and CoreWeave exemplifies overlapping investor–customer ties.