Key Highlights

  • A market commentator labels as circular financing the structure in which Nvidia (NASDAQ:NVDA) signed up to put in as much as USD 100 billion while OpenAI deploys at least 10 gigawatts of Nvidia systems.
  • As Advanced Micro Devices (NASDAQ:AMD) committed to Supply OpenAI with 6 gigawatts, the commentary says, it also handed over warrants on up to 160 million AMD shares, which are a right to buy them for almost nothing.
  • The commentator says OpenAI accounts for about USD 300 billion of the USD 664 billion Backlog at Oracle (NYSE:ORCL), roughly 45% on simple arithmetic on those two numbers, while the company spent 123% of Operating Cash Flow on capex.
  • Broadcom (NASDAQ:AVGO) is building 10 gigawatts of custom chips for OpenAI, the commentary says, which leaves one chip designer behind two labs whose funding depends on investors; the views are the commentator's own.

Nvidia (NASDAQ:NVDA): Up to USD 100B Tied to 10 Gigawatts

Writing on October 26, 2026, a market commentator says Nvidia signed up to invest as much as USD 100 billion in OpenAI while OpenAI deploys at least 10 gigawatts of Nvidia systems. What he stresses is which way the money flows: the supplier finances the customer, the customer pays the supplier back, and the supplier records that payment as revenue. The commentary names CoreWeave, which Nvidia part-owns, as holding about USD 22.4 billion of OpenAI contracts, and Nvidia (NASDAQ:NVDA) is one supplier in this pattern, in his reading. He concedes that real Demand exists, since OpenAI passed a billion users on July 31, but doubts it can pay for commitments this large. Because the Investment is described as a ceiling and not a fixed payment, it is best read as an announced intention that depends on systems being delivered. These are his opinions, and nothing shows that Nvidia (NASDAQ:NVDA) shares them.

Advanced Micro Devices (NASDAQ:AMD): 6 Gigawatts and Warrants

According to the commentary, OpenAI was promised 6 gigawatts of chips by Advanced Micro Devices and received warrants over up to 160 million AMD shares. A Warrant gives the right to buy shares at a set price, which the commentator describes as almost nothing here. Exercise would create new shares and dilute the other holders of Advanced Micro Devices (NASDAQ:AMD). One gigawatt is a unit of power capacity, a rough guide to how much computing a site can run and neither a chip count nor a dollar value. The commentator adds that on July 22, 2026 the chip designer agreed to supply up to 2 gigawatts to Anthropic and to invest up to USD 5 billion in it. The material used here publishes no terms beyond these descriptions, so the exposure of Advanced Micro Devices (NASDAQ:AMD) cannot be sized precisely. Investors may watch the final Anthropic prospectus, which the commentator says will confirm or correct draft numbers, and how lab Revenue stacks up against fixed computing bills.

Oracle (NYSE:ORCL): A USD 300B Contract and a USD 664B Backlog

Oracle's contract with OpenAI is reported by the commentary at about USD 300 billion over five years, and about USD 300 billion of its USD 664 billion backlog is said to come from OpenAI. On simple arithmetic on those two published numbers, OpenAI makes up roughly 45% of the backlog. In its fiscal 2027 first quarter, with results released September 10, 2026, Oracle (NYSE:ORCL) spent 123% of its operating cash flow on capex, the commentator says, and one rating agency rates it a single notch above junk. Contracted future revenue is what a backlog is, and he argues it is what justifies the spending. Should a customer be able to pay only with money it has yet to raise, the chain leans on outside funding. In his opinion any break in the AI chain would show first at Oracle (NYSE:ORCL), and he promises a follow-up article tracing the Debt into the bond market. A downgrade across the junk line would further test how easily it can borrow, and the commentary carries a disclaimer that it is not a recommendation.

Broadcom (NASDAQ:AVGO): 10 Gigawatts of Custom Chips

The commentary lists Broadcom alongside the Nvidia and AMD supply deals as the builder of 10 gigawatts of custom chips for OpenAI. The same Writer adds that Broadcom designs Google's AI chips. It would pick up about USD 30 billion of a chip Lease to Anthropic should lease payments stop, held in a vehicle funded by Apollo and Blackstone that raised about USD 35 billion of debt. That leaves Broadcom (NASDAQ:AVGO) standing behind two labs simultaneously. Apart from that, USD 161.2B of named Anthropic compute commitments with the company appear in the S-1 chart data, the largest of seven partners in a USD 637.0B named total. The USD 161 billion number is press-reported in his words, and since the S-1 leaves its own aggregate blank, totals differ by source. The 10 gigawatt OpenAI figure comes only from the commentary; no quote from Broadcom (NASDAQ:AVGO) confirming it is included here. As he argues, a falling price per token could leave labs short of cash against fixed computing bills, which would flow back to suppliers.

Where Things Stand

Through investments, warrants, a large cloud contract and custom chips, four suppliers are tied to OpenAI in what a market commentator calls a circle. Nvidia (NASDAQ:NVDA) is the investor. The warrants came from Advanced Micro Devices (NASDAQ:AMD). The cloud contract sits with Oracle (NYSE:ORCL). The custom chips come from Broadcom (NASDAQ:AVGO). He sees the only income from outside the loop as what businesses and consumers pay per token, together with whoever buys the IPOs. OpenAI's billion users are a point in favour that he does not dispute. How public markets will price the labs remains unresolved. What appears here is announced or reported figures and one opinion, not advice.