Overview

• On the Open Source podcast, Nvidia CEO Jensen Huang said OpenAI is likely to become the next multi-trillion-dollar hyperscaler.
• Huang outlined a multi-layer partnership with OpenAI that spans chips, software, systems, and what he called the “AI factory.”
• Nvidia and OpenAI have a letter of intent to deploy at least 10 gigawatts of Nvidia-powered systems beginning in 2026.
• Wall Street estimates suggest the buildout could require up to about 5 million GPUs and generate $300 billion to $500 billion in long-term revenue.
• Analysts have flagged potential “circular” demand because Nvidia would fund purchases of its own hardware, while Nvidia says demand strength and scale justify an investment of up to $100 billion, expected to be in non-voting shares once the deal closes.