It's possible, circular financing is definitely fishy, but OTOH every openai deal sama makes is swallowed by willing buyers at a fair market price. We'll be in a bubble when all the bears are dead and everyone accepts 'a new paradigm', not before; there's plenty of upside capitulation left judging by some hedge fund returns this year.

...and again, this is assuming AI capability stops growing exponentially in the widest possible sense (today, 50%-task-completion time horizon doubles ~7 months).