Circular investing can be a smoke screen.

But it can also simply be the financial framing for direct bartering. Which is even more direct than regular financial transactions.

"I will provide these resources you need, in exchange for part ownership", and/or "a limited license to your tech", "right to provide access to our customers on these terms", Etc."

Amazon doesn't need any frothy fake revenue. But they do want to offer their customers the most in demand models, with the best financial terms for Amazon.

Nvidia wants customers, but not at the expense of throwing money away. Their market cap may be volatile, but their books are beyond solid.

I would be a lot more concerned if OpenAI was getting "funding" from a quantum computer startup, and vice versa.