[hmm37]

It's the opposite here. It's as if the dotcom is investing into Cisco and Sun, so that it can buy servers and routers from them.

[DebtDeflation]

Not really. This is AMD investing in OpenAI (albeit in an unusual way, with stock options) not the reverse. Same as the Nvidia deal. Same as hyperscaler investment in OpenAI and Anthropic. The people selling stuff to the AI Labs are the same ones funding them.

[didibus]

I can't figure who is actually investing in who?

OpenAI may own 10% of AMD, and that seems like OpenAI investing in AMD in exchange for buying 6GW of GPUs and 160million in stock.