Tech Stocks Rattled by AI Infrastructure Investment Concerns as Nvidia-OpenAI $250B Deal Sparks Bubble Debate

테크주 | Tue Jul 28 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 18 sources

Nvidia and OpenAI's $250 billion circular financing controversy, surging hyperscaler capex, and semiconductor stock declines have amplified concerns about an AI bubble.

Analysis

[Nvidia-OpenAI] negotiated a $250 billion data center backstop ^[1]

• Guaranteed lease and construction debt for a 10-gigawatt Ohio data center campus
• Total project cost estimated to exceed $500 billion
• Nvidia stock fell more than 4%

[Jim Cramer] warned that AI circular financing echoes the dot-com bubble

• Compared arrangements to 1990s telecom equipment vendor financing
• Cited Nvidia's $30B OpenAI and $10B Anthropic investments as circular structures
• Advised immediate liquidation of margin positions []

[Apple] reclaimed the world's most valuable company title, overtaking Nvidia

• Apple market cap reached $4.95 trillion versus Nvidia's $4.77 trillion
• Investors favored Apple's restrained AI capex strategy
• Year-to-date 2026: Apple +24%
• Nvidia +4% []

[SK Hynix] showed cracks in the memory supercycle with $470 billion market cap wipeout

• Lost $470 billion in market value in just over a month
• US ADRs fell below IPO price
• Secured HBM supply contract with Nvidia worth up to $500 billion []

[Microsoft] projected $190 billion capex for 2026 and unveiled MAI-Cyber-1-Flash cybersecurity model

• 61% increase over 2025
• including $25 billion for component price inflation
• Azure revenue maintained 40% YoY growth
• MAI-Cyber-1-Flash outperformed rivals including GPT-5.5 Cyber []

[Moody's] warned that hyperscaler AI spending threatens credit quality

• Capex forecast at $785 billion in 2026 and $1 trillion in 2027
• $460 billion in direct debt across six hyperscalers
• Data center lease commitments swelled to $1.2 trillion []

[OpenAI-Anthropic] intensified debate over Chinese open-weight model distillation

• Moonshot AI's Kimi K3 accused of distilling Anthropic Fable
• Nvidia
• Microsoft
• Meta
• Palantir signed letter opposing premature restrictions
• Sam Altman scheduled White House and Senate visits []

[Nvidia-SpaceX-Microsoft] launched the Open Secure AI Alliance

• Followed cyberattacks involving an OpenAI model on Hugging Face
• Focused on self-defending open frontier agentic systems
• Includes about 20 tech companies from the US and Europe []

[Micron] surged 224% in 2026 on the HBM supercycle

• Stock up 740% over the past year
• One of three HBM suppliers alongside SK Hynix and Samsung
• Secured long-term supply contracts through 2027 and beyond []

[Cadence Design Systems] raised 2026 revenue growth guidance to 19% with $8.1 billion backlog

• Expanded agentic AI partnerships
• Raised full-year guidance on AI-driven demand
• Secured record backlog []

Sources

• [1] Nvidia’s potential new deal with OpenAI would revive a spooky tech-bubble habit, analyst warns - MarketWatch Top Stories
• [2] SK Hynix’s $470 Billion Selloff Shows Cracks in Memory-Chip Boom - Bloomberg Markets
• [3] SK Hynix Slumps Below US IPO Price as Mega-Listings Turn Sour - Bloomberg Markets
• [4] Big Tech credit risks rise sharply as AI spending soars - Financial Times
• [5] Cadence signals 19% 2026 revenue growth amid record $8.1B backlog and expanding agentic AI partnerships - Seeking Alpha Market News
• [6] Microsoft Plans $190 Billion of Capital Spending This Year. Wednesday Shows Whether Azure Is Keeping Up. - The Motley Fool
• [7] Prediction: Micron Stock Will Be Worth This Much by Late 2027 (Hint: The Time to Buy Is Now) - The Motley Fool
• [8] Microsoft touts cost-saving AI model for cybersecurity - CNBC World Markets
• [9] Anthropic CEO Dario Amodei says AI company isn't advocating for ban of open-weight models - CNBC World Markets
• [10] Jim Cramer issues a warning to investors trading with borrowed money - CNBC World Markets
• [11] Jim Cramer warns AI's circular financing frenzy echoes the dot-com bubble - CNBC World Markets
• [12] Apple ends day as world's most valuable company, passing Nvidia - CNBC World Markets
• [13] Nvidia and OpenAI in talks for up to $250 billion backstop to fund AI infrastructure plans - CNBC World Markets
• [14] Sam Altman to meet with Trump administration, senators this week. Here's what he plans to say - CNBC World Markets
• [15] Nvidia, SpaceX, Microsoft launch AI safety initiative as OpenAI cyberattack fallout continues - CNBC World Markets
• [16] From Silicon Valley to DC, the tech world is suddenly obsessed with one concept in AI: Distillation - CNBC World Markets
• [17] Nvidia locks down memory supply from SK Hynix as part of $500 billion AI deal - CNBC World Markets
• [18] Moody's says 'unprecedented' AI spending threatens credit quality of Amazon, Meta, Alphabet and others - CNBC Finance