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Circular AI deals, like OpenAI spending Microsoft money on Microsoft servers and Nvidia backing CoreWeave debt for Nvidia GPUs, show intelligence becoming a fungible commodity. These deals mimic traditional commodity infrastructure financing, where guaranteed off-take agreements enable large-scale development.
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Summary by ByteBrief
Nvidia AI Deals Worth $750bn Raise Credit Risk

How AI companies are targeting the education market, including making free or cut-price tailored learning tools in partnership with schools and edtech startups (Jamie John/Financial Times)
Cramer warns AI financing echoes dot-com bubble