Overview

• Nvidia has confirmed a plan to invest up to $100 billion in OpenAI and a letter of intent to deploy at least 10 gigawatts of Nvidia systems, with reports pointing to an initial $10 billion in non‑voting shares once a definitive agreement is signed and deployments beginning in 2026.
• CEO Jensen Huang called OpenAI a likely multi‑trillion‑dollar hyperscaler and said Nvidia will partner at the chip, software, systems, and AI‑factory levels to build out the startup’s infrastructure.
• Analysts debate potential “circular” vendor financing and warn of allocation strains, noting the 10‑gigawatt commitment could require roughly 4–5 million GPUs against an estimated 6.5–7 million Nvidia AI GPUs in 2025; Nvidia says other customers will remain a priority.
• Nvidia’s latest quarter delivered about $46.7 billion in revenue, including $41.1 billion from data centers, with gross margins above 72% and a new $60 billion share repurchase authorization.
• A recent filing showed two direct customers accounted for roughly 39% of quarterly revenue, and geopolitical risk is rising as U.S. export controls constrain China sales and Huang argues the curbs have accelerated local competitors.