Andy Constan, CEO of Damped Spring Advisors, addressed concerns surrounding “circular deals” linked to Nvidia and its leadership on X on Thursday, November 12, 2026. Constan specifically dismissed fears that existing or future deals would collapse if Nvidia CEO Jensen Huang were forced out due to financial instability or a lack of leadership. He stated that this particular concern is “complete nonsense imho.” Constan emphasized that the fundamental question for these deals is not about Nvidia's internal stability but rather “What matters for current and future "circular deals" is the same thing that has always mattered. Will end customers of AI services pay a price for the services and consume enough of the services to pay off the credit created in the system. That's the question and it's unanswered.”

Constan's comments come during recent market focus on Nvidia, with its stock, NVDA, trading at $173.73 today, up 2.9%. Earlier today, The Kobeissi Letter reported that markets were paring back bets on Jensen Huang being fired. Gokhshtein Media recently covered OpenAI's API revenue surge, highlighting the economics of renting frontier models, which relates to the demand for AI services.

Constan's view implies that the primary risk to these financing structures is not corporate governance or leadership stability within Nvidia itself. Instead, he suggests that investors should monitor the willingness and ability of end-users to pay for AI services. The long-term viability of these deals, according to Constan, hinges on the actual economic demand for AI-driven solutions.