These founders, CEOs and investors—from OpenAI, Oracle, Nvidia, AMD and others—keep getting richer while critics condemn their “circular deals.”

The deal represents a major win for AMD in its battle against GPU leader Nvidia, and shows how OpenAI is racing to secure the hardware it needs to scale, even as it navigates its…

Skeptics of a recent investment spree involving OpenAI and others say deals raise questions about the robustness of the artificial intelligence boom.