Shares of Nvidia fell about 5% and AMD slid 8% as investors recoiled from a report that Nvidia is in talks to guarantee as much as $250 billion to finance OpenAI’s data-center buildout, rekindling concerns over “circular” vendor financing in the AI spending boom. Dell dropped roughly 4% on fears of softer AI-server demand, while Intel eased after recent gains; Oracle, with overlapping data-center exposure, is down about 20% over the past month. The setback comes despite stout fundamentals: Nvidia has guided to $91 billion in second-quarter revenue, and AMD’s data-center sales climbed 57% year over year. Intel reported second-quarter revenue of $16.13 billion, up 25.4% with Data Center and AI up 59% to $6.26 billion, and was named host CPU for Nvidia’s DGX Rubin NVL8 systems. After a torrid year-to-date run across AI hardware names, Monday’s slide looks more like a valuation reset than a break in the structural AI thesis.
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