Photo by Steve Johnson on Unsplash

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 (NVDA) puts money into OpenAI. Microsoft (MSFT) 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 (CRWV). 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. 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 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 (JPM). 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.

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