A billion-dollar story is unfolding these days behind the spotlight, in the world of artificial intelligence. And yes, we’re going to talk with numbers. Big numbers.
OpenAI, Nvidia, AMD, Oracle, Elon Musk and a network of circular agreements and investment moves that surpass $1 TRILLION.
GIANT DEALS
Let’s break down all the agreements between the tech giants — and see how they ultimately connect with one another.
Nvidia & OpenAI
Nvidia announced it would invest up to $100 billion in OpenAI, to fund the creation of data centers so massive that they could literally power an entire city.
And what did OpenAI do? It committed to equipping those data centers with… millions of Nvidia chips. Meaning: I give you money, you hand it right back to me. A loop where Nvidia wins no matter what.
OpenAI & AMD
But that wasn’t enough. OpenAI made another move: a new “tens of billions” partnership with AMD , Nvidia’s main rival. Part of the deal? OpenAI will become one of AMD’s biggest shareholders. Pass it here, hand it back there — everybody with everybody. And somewhere in between, Jensen Huang must have spit out his coffee.
OpenAI & Oracle
But wait, there’s more. The very next day after the Nvidia deal, OpenAI signed a $300 billion agreement with Oracle to build U.S. data centers.
And Oracle? It buys billions worth of chips from… who else? Nvidia. So: Nvidia → OpenAI → Oracle → Nvidia. I don’t know if we’re talking about collaboration or an endless loop. You probably need a whiteboard to explain it.
Nvidia & xAI
Not everything revolves around OpenAI. Nvidia is preparing a $2 billion equity investment in Elon Musk’s xAI, as part of a $20 billion funding round. $7.5 billion in stock, $12.5 billion in loans through a special SPV. And the money? It goes into buying Nvidia chips — which xAI will rent for 5 years.
CoreWeave
And because every story needs a breakout star, here comes CoreWeave. Nvidia acquired 7% of the company just before its IPO. Then it agreed to buy $6.3 billion worth of cloud services from CoreWeave (which provides access to… Nvidia chips). And OpenAI? It took $350 million in equity in CoreWeave and is now expanding its cloud contracts to $22.4 billion. For every dollar circulating in AI, another server gets plugged in.
And don’t think it ends here. We’re talking about something much bigger — something that would need a whole series of newsletters to analyze in depth.
Somewhere in the background, you’ll also find giants like Microsoft and Intel , as well as smaller players like Figure AI.
And let me just say — it’s not my fault if you feel like we’re describing the financial spin-off of Tenet. The difference is: here no one is moving backward in time. We’re all moving forward — and at insane speeds.
But at the same time, these are massive investments in something that could change everything. If this is a revolution on par with the internet, then these investments are the cables being laid today to carry the future.
Sam Altman talks about “trillions” being invested. Nvidia has participated in more than 100 deals in just the last two years. Greg Brockman speaks of an “industry-wide effort”, and AMD’s Lisa Su of a “positive and virtuous cycle.”
We may not have $100 billion to invest in OpenAI — but we’d better have our own small game plan.