OpenAI is discussing with Nvidia a backstop of up to $250 billion to help finance a planned 10-gigawatt AI data center campus in Piketon, Ohio, while Nvidia is also considering providing $350 billion in financing for OpenAI to buy Nvidia GPUs, according to reports cited on July 27. The talks remain at an early stage and could change or collapse. Investors including Janus Henderson fund manager Alison Porter and critics such as Michael Burry say the arrangements highlight a growing "circular financing" pattern in AI, where supplier-backed guarantees and funding help sustain infrastructure spending and chip demand. Porter said the risks appear manageable for now because Nvidia has one of the industry’s strongest balance sheets, but the key question is whether companies such as OpenAI can grow revenue fast enough to outpace capital spending. The Piketon site sits on decommissioned federal land, with Commerce Secretary Howard Lutnick described as controlling power access, making U.S. government energy decisions central to the project.