> People talk about an AI bubble. What we actually have is a GPU bubble. NVidia makes really expensive GPUs for AI. Others also make GPUs.

Yes it is. I think even for multiple reasons. Competition in that space not sleeping is one but it's also a huge overestimation of demand combined with the questionable believe those GPUs and the Datacenters housing them can actually be built and put into operation as fast as envisioned.

> The reason that this 100B deal is apparently being reconsidered is that it is a bad deal for OpenAI. It was going to overpay for a solution that they can get cheaper elsewhere. It's bad news for NVidia, good news for OpenAI. This deal started out with just NVidia. But at this point there are also deals with AMD, MS, and others. OpenAI like the other hyperscalers is not betting the company on NVidia/CUDA. Good for them.

I think in case of OpenAI both may be true. While what you are saying makes sense, NVs first mover advantage obviously can't last forever, OpenAI currently does have little to no competitive advantage over other players. Combine this with the fact that some (esp. Google) sit on a huge pile of cash. In contrast for OpenAI the party is pretty much over as soon as investors stop throwing money into the oven so they might need to cut back a bit.