Nvidia’s $100 billion OpenAI investment raises eyebrows and a key question: How much of the AI boom is just Nvidia’s cash being recycled?

Two of the most prominent examples of Nvidia’s web of circuitous investments are OpenAI and Coreweave. In addition to the latest investment in OpenAI, Nvidia had previously participated in a $6.6 billion investment round in the fast-growing AI company in October 2024. Nvidia also has invested in CoreWeave, which supplies data center capacity to OpenAI and is also an Nvidia customer. As of the end of June, Nvidia owned about 7% of Coreweave, a stake worth about$ 3 billion currently. The benefits that compani ...