The SoftBank-led project's first 800-megawatt phase targets 2028, and the arrangement underscores investor concerns about circular financing propping up the AI boom. Nvidia is reportedly in early talks to guarantee up to $250 billion in financing so OpenAI can lease compute at a planned $500 billion, 10-gigawatt Ohio data center. The proposed deal highlights investor concerns that the AI bubble has been fueled by circular financing. The potential backstop would help SoftBank secure financing while supporting future demand for Nvidia's chips, further highlighting the circular nature of the AI boom. Given the high concentration of AI stocks powering major equity indexes higher, the results could determine the market's next big move.