The Circle of Life pic.twitter.com/cQrK9tww9P — Kakashii (@kakashiii111) September 22, 2025In retrospect, Nvidia's increasingly grotesque vendor financing scheme is starting to shock not just us. Overnight, the venerable Australian Financial Review wrote "Nvidia’s OpenAI deal shows how worrying the AI money-go-round is", arguing “One firm invests $100bn in the other, so it can buy $100bn of chips made by the investor. Important people, such as Goldman's head of Delta One trading, Rich Privorotsky, who dedicated an entire section to the Nvidia "transaction" in his morning note, titled appropriately enough, Circular reference? Reuters reports a structure where Nvidia invests up to $100bn for non voting shares, and OpenAI uses the cash to buy Nvidia chips, with a plan to deploy of what could be at least 10GW of Nvidia systems. Ok definitely not old enough to have been around trading during the tech bubble and multiples are nowhere near that point in time... That said, vendor financing was a feature of that era and when when the telecom equipment makers (Cisco, Lucent, Nortel, etc.)