Nvidia’s OpenAI deal fuels ‘circular’ financing concerns

Three years after OpenAI and Nvidia Corp. helped kick off the global artificial intelligence frenzy, the two firms are joining forces to pave the way for a more costly phase of development with a deal that’s quickly revived fears of an AI bubble.

Nvidia on Monday said it will invest as much as $100 billion in OpenAI to help the ChatGPT maker support a massive build-out of data centers equipped with Nvidia’s chips — a deal that some analysts say raises questions about whether Nvidia is investing heavily to prop up the market and keep companies spending on its products.