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.

A spate of recent deals among AI's biggest players has tightened the circle of companies and investments underpinning the technology’s explosive growth. Nvidia plans to invest in OpenAI, which is ...

Two weeks ago, Nvidia Corp. agreed to invest as much as $100 billion in OpenAI to help the leading AI startup fund a data-center buildout so massive it could power a major city. OpenAI in turn ...

“The action will clearly fuel ‘circular’ concerns,” Stacy Rasgon, an analyst with Bernstein Research, wrote in an investor note after the deal was announced. Those concerns have followed Nvidia, to ...