Andvari Letter Raises Circular Financing Concerns Over Nvidia’s OpenAI Investment
Andvari Associates warned about AI hype driving a valuation gap from future cash flows, while it sought disciplined exposure to stable industries. In its Q2 2026 investor letter, it highlighted NVIDIA as a data center AI infrastructure provider and noted reports that funding from Nvidia’s late-2025 OpenAI investment largely supported leasing Nvidia chips, alongside hedge-fund holdings rising to 285 and a $217.55 close on Aug. 28, 2026.