I prefer https://www.bloomberg.com/news/features/2025-10-07/openai-s-... which shows the circularity in the deals.

A stronger counterpoint to the circular deals suggestion is at the end of the article, which reads

> Michael Intrator, CoreWeave’s CEO, acknowledged the circular financing worries in a recent interview with Bloomberg News, but said the public concerns will dissipate as more businesses adopt AI.

> “When Microsoft comes to us to buy infrastructure to deliver to its clients who are consuming 365 or Copilot, I don't care what the narrative is about circular financing,” Intrator said. “They have end users that are consuming it.”

It's on you to decide then if end users are actually getting value / paying for AI products.