Key Highlights

  • A market commentator says Nvidia (NASDAQ:NVDA) signed up to invest as much as USD 100 billion in OpenAI as OpenAI deploys at least 10 gigawatts of Nvidia systems, a structure he calls circular financing.
  • The commentary says Advanced Micro Devices (NASDAQ:AMD) agreed to Supply 6 gigawatts to OpenAI and gave it warrants over up to 160 million AMD shares, a right to buy them for almost nothing.
  • About USD 300 billion of Oracle's (NYSE:ORCL) USD 664 billion Backlog comes from OpenAI, the commentator says, which simple arithmetic on those two numbers puts at roughly 45%, and the company spent 123% of Operating Cash Flow on capex.
  • The commentary says Broadcom (NASDAQ:AVGO) is building 10 gigawatts of custom chips for OpenAI, so one chip designer sits behind two labs whose funding relies on investors, and the commentator gives his own opinions.

Nvidia (NASDAQ:NVDA): Up to USD 100B Tied to 10 Gigawatts

According to a market commentator writing on October 26, 2026, Nvidia signed up to invest as much as USD 100 billion in OpenAI as OpenAI deploys at least 10 gigawatts of Nvidia systems. His argument is about the direction of the money: the supplier funds the customer, the customer pays the supplier, and the supplier books the payment as revenue. Nvidia (NASDAQ:NVDA) is one such supplier, and the commentary says CoreWeave, which Nvidia part-owns, holds about USD 22.4 billion of OpenAI contracts. He acknowledges that OpenAI passed a billion users on July 31, so real Demand exists, but questions whether it can pay for commitments of this size. The Investment is described as up to a ceiling, not a fixed payment, so readers should treat it as an announced intention that depends on delivery of the systems. These are his opinions, and Nvidia (NASDAQ:NVDA) has not been shown to share them.

Advanced Micro Devices (NASDAQ:AMD): 6 Gigawatts and Warrants

The commentary says Advanced Micro Devices agreed to supply 6 gigawatts of chips to OpenAI and gave OpenAI warrants over up to 160 million AMD shares. A Warrant is a right to buy shares at a fixed price, here described by the commentator as almost nothing. If exercised, new shares would be issued, which would dilute other holders of Advanced Micro Devices (NASDAQ:AMD). A gigawatt measures power capacity and is a rough guide to how much computing a site can run, not a count of chips or a dollar value. The commentator also says the chip designer agreed on July 22, 2026 to supply up to 2 gigawatts to Anthropic and invest up to USD 5 billion there. Terms beyond these descriptions are not published in the material used here, so the exposure of Advanced Micro Devices (NASDAQ:AMD) cannot be sized precisely. Investors may watch the final Anthropic prospectus, which the commentator says will confirm or correct draft numbers, and how lab Revenue compares with fixed computing bills.

Oracle (NYSE:ORCL): A USD 300B Contract and a USD 664B Backlog

The commentary reports Oracle's contract with OpenAI at about USD 300 billion over five years, and says about USD 300 billion of Oracle's USD 664 billion backlog comes from OpenAI. Simple arithmetic on those two published numbers puts OpenAI at roughly 45% of the backlog. The commentator also says Oracle (NYSE:ORCL) spent 123% of its operating cash flow on capex in its fiscal 2027 first quarter, results released September 10, 2026, and that one rating agency has the company one notch above junk. A backlog is contracted future revenue, and he argues it is what justifies the spending. If a customer can pay only with money it has yet to raise, the chain relies on outside funding. He expects that if the AI chain breaks, it will break at Oracle (NYSE:ORCL), which is an opinion, and he says a follow-up article will trace the Debt into the bond market. A rating downgrade across the junk line would be a further test of how easily it can borrow, and the commentary carries a disclaimer that it is not a recommendation.

Broadcom (NASDAQ:AVGO): 10 Gigawatts of Custom Chips

The commentary says Broadcom is building 10 gigawatts of custom chips for OpenAI, and lists this next to the Nvidia and AMD supply deals. The same commentator says Broadcom designs Google's AI chips and would cover about USD 30 billion of a chip Lease to Anthropic if lease payments stopped, in a vehicle funded by Apollo and Blackstone that raised about USD 35 billion of debt. That places Broadcom (NASDAQ:AVGO) behind two labs at once. Separately, the S-1 chart data lists USD 161.2B of named Anthropic compute commitments with the company, the largest of seven partners in a USD 637.0B named total. The commentator calls the USD 161 billion figure press-reported and says the S-1 leaves its own aggregate blank, so totals differ by source. The 10 gigawatt OpenAI figure comes from the commentary only, and Broadcom (NASDAQ:AVGO) has not been quoted confirming it here. The commentator's thesis is that a falling price per token could leave labs short of cash against fixed computing bills, and that this would flow back to suppliers.

Where Things Stand

The OpenAI supplier circle, as a market commentator describes it, links four suppliers to OpenAI through investments, warrants, a large cloud contract and custom chips. Nvidia (NASDAQ:NVDA) is the investor. Advanced Micro Devices (NASDAQ:AMD) gave warrants. Oracle (NYSE:ORCL) holds the cloud contract. Broadcom (NASDAQ:AVGO) builds the custom chips. In his view the only income from outside the loop is what businesses and consumers pay per token, plus whoever buys the IPOs. Supporters could point to OpenAI's billion users, which the commentator does not dispute. What remains unresolved is how public markets will price the labs. These are announced or reported figures and one opinion, not advice.