Source: https://reinouttebrake.com/stories/nvidia-openai-circle-game-take-a-breath - [Home](https://reinouttebrake.com/) - [AI](https://reinouttebrake.com/topic/ai) - Nvidia, OpenAI and CoreWeave: AI’s Financing Loops # Nvidia, OpenAI and CoreWeave: AI’s Financing Loops A 2025 examination of overlapping investment, chip supply and cloud contracts involving Nvidia, OpenAI, Microsoft and CoreWeave. 16 Nov 2025 2 min read By [Reinout te Brake](https://reinouttebrake.com/about) Updated 17 Oct 2026 ![A corridor between server racks in a data centre](https://reinouttebrake.com/assets/editorial/archive-photo-4508751-1280.webp) Illustrative photograph. Brett Sayles / Pexels. [Source & licence](https://reinouttebrake.com/data#image-credits) You look at it and think, yep, here we go again. It feels like the same three players keep handing each other money, chips, and cloud space, and everyone pretends it’s perfectly normal. And it is. Until it isn’t. Look. Nvidia puts money into OpenAI. Microsoft is already in OpenAI. Microsoft provides cloud services to OpenAI, so OpenAI is a customer. But the money they use to be that customer… comes from Microsoft. Nice little loop. And on top of that, Nvidia supplies the chips OpenAI runs on. So Nvidia is an investor, and Nvidia is a supplier. It’s like refereeing a match you also play in. Totally allowed. As long as nobody trips. Then you’ve got CoreWeave. The company that went public this year. Data centers. GPU power. Heavy compute for AI giants like Microsoft. And guess who their biggest customer is. Right. [Microsoft](https://reinouttebrake.com/stories/ai-isnt-inflated-big-techs-earnings-are). Not through some sneaky route. Just straight up. Microsoft doesn’t own a stake in CoreWeave, but the real punchline is the hardware. Nvidia supplies almost all the chips CoreWeave uses. And Nvidia also owns a “meaningful” stake in the company. Total coincidence. Of course. And when CoreWeave almost couldn’t close its financing before the IPO, Nvidia stepped in at the last minute and bought 250 million dollars of shares. Just so the deal could close. Like someone saying, hey, I’ll throw in the last ten bucks so you can buy that sandwich. Except with a few extra zeros. And who handed out the loan right before the IPO. JPMorgan. And who got paid back the moment CoreWeave went public. Exactly. JPMorgan. And who stood on the other side of the deal as one of the lead underwriters. You can guess. No one’s doing anything illegal. No one’s cheating. It’s more that it all feels familiar. Like déjà vu from twenty, twenty-five years ago. Same movements. Same patterns. Everyone keeping each other standing. Until one of them doesn’t. And then, yeah. Then suddenly it does mean something. Until that moment, it’s mainly a loop of familiar faces passing the ball around. ## Sources and context - [Nvidia: OpenAI partnership letter of intent (22 September 2025)](https://nvidianews.nvidia.com/news/openai-and-nvidia-announce-strategic-partnership-to-deploy-10gw-of-nvidia-systems) (company announcement) Filed under [Nvidia](https://reinouttebrake.com/category/nvidia) ## Tags - [AI](https://reinouttebrake.com/tag/ai) - [Nvidia](https://reinouttebrake.com/tag/nvidia) - [Tech](https://reinouttebrake.com/tag/tech) Written by [Reinout te Brake](https://reinouttebrake.com/about) Gaming · AI · Tech · Entertainment · Dance Entrepreneur, consultant, investor and board member with 20+ years in tech and gaming, spanning business strategy, development, publishing, growth and investment. [Share on WhatsApp](https://wa.me/?text=Nvidia%2C%20OpenAI%20and%20CoreWeave%3A%20AI%E2%80%99s%20Financing%20Loops%0Ahttps%3A%2F%2Freinouttebrake.com%2Fstories%2Fnvidia-openai-circle-game-take-a-breath)[Share on LinkedIn](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Freinouttebrake.com%2Fstories%2Fnvidia-openai-circle-game-take-a-breath)[Share by email](mailto:?subject=Nvidia%2C%20OpenAI%20and%20CoreWeave%3A%20AI%E2%80%99s%20Financing%20Loops&body=https%3A%2F%2Freinouttebrake.com%2Fstories%2Fnvidia-openai-circle-game-take-a-breath) Cite this article Reinout te Brake. Nvidia, OpenAI and CoreWeave: AI’s Financing Loops (16 Nov 2025). [https://reinouttebrake.com/stories/nvidia-openai-circle-game-take-a-breath](https://reinouttebrake.com/stories/nvidia-openai-circle-game-take-a-breath) [Article data (JSON)](https://reinouttebrake.com/data/articles/nvidia-openai-circle-game-take-a-breath.json)[Full article text](https://reinouttebrake.com/stories/nvidia-openai-circle-game-take-a-breath.txt)[Markdown](https://reinouttebrake.com/stories/nvidia-openai-circle-game-take-a-breath.md) Next / Read ## Related reading Follow the subject further. ![Rows of server racks at a Macquarie Telecom data centre in Sydney](https://reinouttebrake.com/assets/editorial/servers-1280.webp) [Image: Lgate74](https://reinouttebrake.com/data#image-credits) Related analysis AI 22 Nov 2025 ### [AI Infrastructure Financing: SPVs, Leases and Hidden Exposure](https://reinouttebrake.com/stories/ai-financing-through-spvs-quietly-shifts-risk-and-debt) How SPVs, leases and private credit finance AI infrastructure, using Meta’s Hyperion project to examine where debt and long-term risks sit. [Read analysis](https://reinouttebrake.com/stories/ai-financing-through-spvs-quietly-shifts-risk-and-debt) ![A person counting dollar banknotes at a table](https://reinouttebrake.com/assets/editorial/archive-photo-6693654-1280.webp) [Image: Tima Miroshnichenko / Pexels](https://reinouttebrake.com/data#image-credits) Related analysis AI 14 Nov 2025 ### [AI Hardware Depreciation: Why Useful-Life Estimates Matter](https://reinouttebrake.com/stories/ai-isnt-inflated-big-techs-earnings-are) How longer server useful-life estimates affect reported earnings, and why Michael Burry’s 2025 criticism deserves scrutiny alongside company filings. [Read analysis](https://reinouttebrake.com/stories/ai-isnt-inflated-big-techs-earnings-are) ![Server racks and network cables in a data centre](https://reinouttebrake.com/assets/editorial/archive-photo-5408005-1280.webp) [Image: Brett Sayles / Pexels](https://reinouttebrake.com/data#image-credits) Also on OpenAI Sam Altman 18 Nov 2025 ### [OpenAI’s Compute Commitments and the Question of Trust](https://reinouttebrake.com/stories/openai-revenue-and-trust-why-altman-triggers-so-much-debate) A 2025 commentary on Sam Altman’s response to funding questions, OpenAI’s compute commitments and why financial communication matters for trust. [Read analysis](https://reinouttebrake.com/stories/openai-revenue-and-trust-why-altman-triggers-so-much-debate) [More in Nvidia](https://reinouttebrake.com/category/nvidia)[Explore AI](https://reinouttebrake.com/topic/ai)[Explore Tech](https://reinouttebrake.com/topic/tech) [Browse all articles](https://reinouttebrake.com/articles)[Find a specific article](https://reinouttebrake.com/search) [Sources, dates & corrections](https://reinouttebrake.com/data#editorial-policy)