Overview

• Jensen Huang said Nvidia invested roughly $2 billion in Elon Musk’s xAI, part of a roughly $20 billion raise structured with an SPV that will buy GPUs and lease them to xAI for five years, with Apollo and Diameter involved in the debt piece.
• OpenAI continues to lock in vast capacity through multiyear agreements, including Nvidia’s previously announced plan of up to $100 billion tied to about 10 GW of systems and an AMD deal granting warrants for up to roughly 10% of AMD in exchange for about 6 GW of chips.
• Reports describe OpenAI’s contracts across Nvidia, AMD and Oracle totaling around $1 trillion to secure more than 20 GW, while Sam Altman signals additional large deals soon and says profitability is not a near‑term priority.
• Huang said this is Nvidia’s first direct product sale to OpenAI rather than via cloud providers and noted OpenAI will fund purchases through revenue plus equity or debt, as executives and analysts debate the sustainability of such ‘circular’ financing structures.
• The Senate passed the GAIN AI measure to prioritize advanced AI chip supply for US customers before exports to China, though final adoption depends on reconciliation with the House version, as industry leaders also flag energy constraints on new data centers.