NVIDIA's recent Q3 Fiscal 2026 earnings report shows a striking 62% revenue increase, bringing it to $57 billion. However, a closer examination reveals potential issues beneath the surface. The company's net income of $31.9 billion contrasts sharply with only $23.8 billion in operating cash flow, creating an $8 billion gap. Inventory levels have nearly doubled to $19.8 billion, which suggests a significant capital drag as NVIDIA prepares for its Blackwell architecture launch. Furthermore, days sales outstanding (DSO) have risen to 53 days, indicating that NVIDIA is extending credit to clients, potentially impacting cash flow stability. The relationship between NVIDIA, OpenAI, and Oracle is complex and may be shifting. OpenAI appears to be reducing its dependency on NVIDIA by exploring its own supply chain options, including direct purchases of DRAM wafers from Samsung and SK Hynix. This move, combined with talent poaching from Google and Apple, hints at OpenAI's ambition to create custom hardware. Meanwhile, Oracle's partnership with OpenAI raises questions about their future reliance on NVIDIA, especially with the possibility of acquiring Groq, a startup that could offer cheaper and faster chip solutions. Oracle faces high margins on NVIDIA chip rentals, making Groq an attractive acquisition to enhance profitability and sidestep supply chain issues related to high bandwidth memory (HBM). Burry's warnings about "circular financing" have sparked scrutiny over the interdependencies between these companies. The proposed "web" of deals—NVIDIA's investment in OpenAI, OpenAI's contract with Oracle, and Oracle's orders for NVIDIA chips—raises questions about revenue stability. If any link in this chain falters, the financials could look much weaker than reported. As NVIDIA, OpenAI, and Oracle navigate this intricate landscape, the dynamics indicate a potential shift in power and strategy in the AI hardware market.