Hu Xiu·2025-10-15 10:04Core Viewpoint - A significant capital cycle is forming in Silicon Valley, involving major players like Nvidia, OpenAI, Oracle, and AMD, raising concerns about the sustainability of this capital game based on future revenue projections rather than actual demand [1] Group 1: Key Transactions - Nvidia invests in OpenAI, which subsequently purchases computing power from Oracle [1] - Oracle then buys chips from Nvidia, creating a closed loop of transactions among these companies [1] - OpenAI signs an agreement with AMD to purchase chips, acquiring a 10% stake in the company [1] - OpenAI also announces a similar agreement with Broadcom just before the video release [1] Group 2: Criticism and Concerns - Critics argue that these transactions resemble a capital performance based on imagined future revenues rather than genuine market demand [1] - The intricate relationships among Silicon Valley AI capital players may signal the beginning of a potential bubble [1]