The ONE video on AI you MUST watch…
The AI circular economy, explained: Nvidia invests in OpenAI, OpenAI buys Nvidia chips, and the same dollar gets counted more than once.
Here’s the simplest version. Nvidia makes the chips AI runs on. OpenAI needs those chips. So Nvidia invests in OpenAI, and OpenAI spends that money buying Nvidia chips. The money leaves Nvidia and comes right back as a sale.
At the top of the AI industry there are a lot of these loops, and they connect. In this video I walk through the deals one at a time: Nvidia and OpenAI, AMD, Oracle, CoreWeave, Microsoft, Amazon, Google and Anthropic. Then I cover the three real problems: the same dollar counted more than once, everybody tied to everybody, and a lot of it running on debt. We’ve seen this before, in the dot-com era.
To be fair, the demand isn’t all made up. People and businesses really are paying for AI. So the number to watch isn’t how big the deals sound when they’re announced. It’s how much real money is coming in from outside the circle.
00:00 The AI circular economy
00:25 The simplest version: Nvidia and OpenAI
00:48 The same thing, with comic books
01:20 The loops connect
01:29 Nvidia and OpenAI: $100B announced, $30B actual
02:04 AMD: chips for shares
02:30 Oracle: the $300B cloud deal
02:53 CoreWeave: supplier, owner and backup customer
03:16 Microsoft, Amazon, Google and Anthropic
03:52 So what’s the problem?
03:58 Problem 1: the same dollar counted more than once
04:30 Problem 2: everybody is tied to everybody
04:51 Problem 3: a lot of it runs on debt
05:18 This has happened before: the dot-com era
05:39 To be fair: the demand is real
05:57 The real question: money from outside the circle
06:36 The number to watch
Sources for the figures on screen:
Anthropic S-1 (Oct 26, 2026): https://www.sec.gov/Archives/edgar/data/0002130357/000162828026067168/anthropicpbc-sx1.htm
OpenAI $110B round, Nvidia $30B (CNBC, Feb 27, 2026): https://www.cnbc.com/2026/02/27/open-ai-funding-round-amazon.html
Nvidia $100B letter of intent not signed (Fortune, Dec 2, 2025): https://fortune.com/2025/12/02/nvidia-openai-deal-not-signed-yet-100-billion-rally-colette-kress
AMD and OpenAI 6 GW deal: https://www.tomshardware.com/pc-components/gpus/openai-signs-6gw-amd-gpu-deal
Oracle $300B (The Register, Sept 11, 2025): https://www.theregister.com/2025/09/11/openai_reportedly_on_the_hook/
Microsoft 10-Q: https://www.sec.gov/Archives/edgar/data/789019/000119312525256321/msft-20250930.htm
CoreWeave debt and leases (CNN, Oct 20, 2026): https://www.cnn.com/2026/10/20/investing/ai-debt-coreweave-tech-stocks
CoreWeave bond yields (CNBC, Oct 14, 2026): https://www.cnbc.com/2026/10/14/coreweave-stock-bond-yields-ai-debt.html
AI debt issuance (IO Fund, Oct 23, 2026): https://io-fund.com/ai-stocks/ai-debt-nears-500-billion-nvidia-oracle-coreweave
Telecom vendor financing (Light Reading): https://www.lightreading.com/cable-technology/vendor-financing
Subscribe: https://www.youtube.com/channel/UCoykA7vQjXcZa7zo7GorLlg?sub_confirmation=1
#AI #Nvidia #OpenAI #Investing #Business