Since Nvidia agreed last month to invest $100 billion in its customer OpenAI, investors and analysts who follow artificial intelligence have awakened to that industry’s circularity.

NvidiaNVDA stock rose on Wednesday as the AI chipmaker's chief executive offered a strong view of product demand.Shares were reclaiming ground lost after Advanced Micro DevicesAMD on Monday said it has partnered with ChatGPT creator OpenAI.

Microsoft has deployed a cluster of more than 4,6000 Nvidia GB300 NVL72 systems. In a blog post, Microsoft revealed its new cluster featuring Nvidia Blackwell Ultra GPUs and the next-generation Nvidia InfiniBand network which is set to support OpenAI workloads.

OpenAI will use Nvidia's $100 billion gradual investment to fund the development of 10 gigawatts' worth of AI data centers.

Analysts are getting even more bullish on market leaders, with more upgrades for NVIDIA and AMD. Firms like Morgan Stanley, TD Cowen, and Citi just raised their price targets, thanks again to progress with artificial intelligence.

By structuring capital commitments as revenues, recycling supplier investments as demand, and marketing financial loops as technological inevitabilities, companies have financialised the future of AI.

Microsoft CEO Satya Nadella offered a glimpse of the "first of many" massive Nvidia AI systems it is rolling out, starting now.

OpenAI's partnerships have pushed the value of its dealmaking to $1 trillion this year alone, and CEO Sam Altman doesn't seem to be finished.