> "circular" risk more refers to the recent 100B "investment", and that is quite misleading
No it's not. It refers to a web of companies sending money back and forth. Nvidia investing in OpenAI, OpenAI investing Coreweave and that goes back to Nvidia except recently 10x the scale. Amazon, Broadcom, Intel and many more are now all in on it.
The point is that risks of the circularity cannot be established well if one leg isn't quite dangerous. Nvidia's direct exposure is much more limited than it seems. Additionally in your example, Coreweave is tiny. It's mainly companies like OpenAI that are highly leveraged.
No it's not. It refers to a web of companies sending money back and forth. Nvidia investing in OpenAI, OpenAI investing Coreweave and that goes back to Nvidia except recently 10x the scale. Amazon, Broadcom, Intel and many more are now all in on it.