Is the Nvidia/OpenAI deal evidence of an AI bubble?

Chipmaker Nvidia announced this week it will be investing up to $100 billion (with a B) in OpenAI to help it build out its computing power. This follows OpenAI’s move earlier this month to buy $300B in computer power from Oracle.

Those are some pretty eye-popping sums. But that may not be a good thing.

AI companies need unprecedented sums of money to increase their computing power. The question is whether AI models will be able to improve enough to make those investments worth it. After GPT-5’s rocky rollout, some people believe the AI bubble is about ready to pop.

And it’s not a fringe idea.

The Wall Street Journal ran it on the front page Friday. And none other than Sam Altman himself recently compared AI to the dot-com bubble, telling reporters that he believes “investors as a whole are overexcited about AI.”

So, the questions are:

• Are we in an AI bubble?

• If so, who will be the winners and losers after it bursts?