“The action will clearly fuel ‘circular’ concerns,” Stacy Rasgon, an analyst with Bernstein Research, wrote in an investor note after the deal was announced. But the size of the OpenAI investment “appears to dwarf all the others,” Rasgon said. The deal will “likely fuel these worries much hotter than what we have seen previously, and (perhaps justifiably) raise concerns over the rationale behind the action,” Rasgon wrote. Nvidia has said the investment in OpenAI will not be used for any “direct purchases” of Nvidia products, Rasgon added. Nvidia’s deal with OpenAI also comes at an uncertain moment for the industry.