Semiconductors | North America Weekly: Follow-on thoughts on NVDA's OpenAI deal While there is some cynicism around the sheer magnitude of upside, and we aren't buying into every element of the bull case, the strong underlying enthusiasm for AI investment suggests ongoing near-term upside from a reasonable valuation. The NVIDIA deal with OpenAI announced last week has raised all sorts of questions, about prior cycles and the circular funding of customer activities. We see those parallels, but remain bullish ...