NVIDIA becomes OpenAI's loan guarantor? AI bubble may have entered circular financing phase

The author analyzes that NVIDIA is guaranteeing a $250 billion loan for OpenAI to lease SoftBank's data center, suggesting the AI bubble has entered a phase where sellers need to prop up demand. They also note that low-cost Chinese AI (e.g., Kimi K3) and open models are challenging the assumption that high-performance AI requires expensive GPUs, potentially leading to overinvestment in data centers.

• OpenAI
• Nvidia
• data center
• AI bubble
• Kimi K3