Amazon is in talks with OpenAI to invest $10 billion in the company while supplying more AI chips and cloud computing services, according to The Financial Times. The deal will push OpenAI’s valuation above $500 billion but is likely to raise more questions about the company’s circular investment deals involving chips and data centers.

The two companies also talked about the possibility of OpenAI helping Amazon in the online marketplace, similar to the deals it made with Etsy, Shopify and Instacart. However, any agreement would still not allow Amazon to sell the most advanced OpenAI models on its developer cloud platform, as Microsoft retains exclusive rights to those until the 2030s.

OpenAI recently restructured its agreement with Microsoft to allow it to use data center capacity from other suppliers. At the same time, it made a series of deals NVIDIAoracle, IBM etc. to build data center capacity and acquire or lease AI chips.

The new deal will require OpenAI to use Amazon’s Trainium AI chips and lease additional data center capacity from Amazon Web Services (AWS). That’s on top of the $38 billion OpenAI has already committed to renting servers from AWS over the next seven years.

These deals have alarmed investors considering their circular nature. In most of those, including this latest deal with Amazon, OpenAI takes investment money and then sends that cash back to the same company for infrastructure or chips. And the amounts are staggering, with just two companies, Softbank and Oracle, spending a combined $400 billion on new data centers for OpenAI computing needs. And so far, OpenAI has lost more money than it has made.