Nvidia Corp. is working on a fresh round of AI deals worth more than $750 billion, accelerating investments that skeptics have warned are artificially inflating demand and valuations. A partnership with South Korean conglomerate SK Group unveiled last month means the companies will be doing more than $500 billion in business with each other, Nvidia said. Nvidia is also in talks to backstop as much as $250 billion to help OpenAI lease computing power from a U.S. data center project. Big names from Goldman Sachs Group Inc. to investor Michael Burry have warned of the “circular” nature of such agreements, where Nvidia finances and takes stakes in companies and projects that use its chips. The fear is that these transactions may skew demand, spur bad decision-making and magnify losses if AI fails to turn profits. Nvidia is also in discussions to finance $350 billion of OpenAI's purchases of its chips for the U.S. project, according to a person familiar with the matter. Last week, the company said it has made a “substantial” investment in Safe Superintelligence Inc., the AI startup co-founded by former OpenAI chief scientist Ilya Sutskever; people familiar with the situation said Nvidia committed $5 billion. “While Nvidia’s investments and partnerships reinforce confidence in long-term AI build-outs, investors remain concerned about circular financing,” said Gary Tan, a portfolio manager at Allspring Global Investments. Nvidia's shares fell 5% to $196.