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. In past technology bubbles, revenue “roundtripping” and tech companies financing their own customers have exacerbated the damage when those bubbles eventually popped. With Nvidia’s backing, OpenAI and Coreweave have been able to borrow at rates closer to what Microsoft or Google might pay. So in essence, all of the money Nvidia has invested in Coreweave has come back to it in the form of revenue. It’s a long way from a concern to a crisis, of course, but as AI company valuations get higher, that distance is starting to close.