Nvidia's $40 Billion AI Investment Spree Looks a Lot Like Circular Financing
Follow the Money in a Circle Nvidia crossed $40 billion in equity investments in 2026. The biggest chunks: $30 billion into OpenAI, $3.2 billion into Corning, $2.1 billion into IREN. Here’s the pattern that has people uncomfortable: Nvidia invests in a company. That company buys Nvidia GPUs. Nvidia books the revenue. Money out, GPUs out, money back in. Rinse and repeat at scale. The Bloomberg Investigation Bloomberg’s investigative team started pulling the thread in April. What they found isn’t illegal. But it raises questions that Nvidia’s 35x forward earnings multiple probably can’t absorb. ...