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It's just round tripping with an extra step or two. AMD giving OpenAI money (via stock options) that they can use to buy AMD chips.

That “just” is doing a lot of work equivocating stock options with money.

If that were true, there would never be any business that failed.

These are options with a 99.995% discount (as of this writing) on AMD stock.

It's circular money flows.

Two circular flows now. Nvidia Oracle and OpenAI, and now this loop with OpenAI and AMD.

This really isn't the sign of a healthy economy.