Part of what's concerning here is that the deals are conditional. OpenAI must meet XYZ conditions before cash/stock/etc is transferred, and the conditions are pretty hard to meet.

The money between OpenAI, Nvidia, Oracle, AMD is not circulating. There is no cashflow, only future commitments that may (and quite likely will) collapse. Yet the stock market & media react as if it's a sure thing. Even in the criticisms of these deals, the hype is affirmed.

This is the same problem as Enron's accounting, minus the fraud. (No need for fraudulent accounting when people simply don't read the fine print.)