On September 24th, news emerged that OpenAI and NVIDIA, which have been at the forefront of driving the global artificial intelligence (AI) boom for the past three years, have once again teamed up. However, this latest collaboration has quickly ignited concerns in the market about the potential existence of an AI bubble.

On Monday, NVIDIA made an announcement stating that it would invest up to $100 billion in OpenAI. This substantial investment is intended to support the construction of large-scale data centers that will be outfitted with NVIDIA's cutting-edge chips. Such a move has led some analysts to speculate whether NVIDIA's primary objective is to solidify its market position by making significant investments and, in turn, incentivize related companies to keep buying its products.

Bernstein analyst Stacy Rasgon highlighted that NVIDIA's latest action will undoubtedly amplify market concerns regarding "circularity." In the context of business and finance, "circularity" here can be understood as a self-reinforcing cycle where a company's investment in another entity leads to increased demand for its own products or services, potentially creating an unsustainable market situation.

Data from PitchBook reveals that in 2024 alone, NVIDIA has already been involved in venture capital deals with over 50 AI companies. Moreover, it is anticipated that the number of such deals will exceed this figure by the end of the year. Nevertheless, Rasgon emphasized that the scale of NVIDIA's investment in OpenAI "far surpasses" that of its other deals. This, he believes, could further intensify market anxieties and prompt questions about the soundness and rationality of the investment.