Although large tech groups still enjoy strong credit ratings, debt is being channelled into projects for non-investment-grade borrowers, such as CoreWeave, ChatGPT developer OpenAI and smaller AI start-ups. Finance is also being secured from other companies within the tech supply chain, creating a dense and interdependent web of exposures. This year OpenAI has announced over $1tn worth of deals for computing power with Nvidia, Oracle, CoreWeave, AMD, and, on Monday, Broadcom. Some agreements have involved complex circular financing arrangements.