Overview

• Jensen Huang confirmed Nvidia invested $2 billion in Elon Musk’s xAI, part of a roughly $20 billion round reportedly structured through an SPV that will buy Nvidia GPUs and lease them to xAI for five years.
• Huang said Nvidia’s pact with OpenAI marks their first direct sales relationship and reiterated plans to invest up to $100 billion tied to about 10 GW of Nvidia systems, noting OpenAI will fund purchases through revenue plus equity or debt.
• OpenAI’s recent agreements are reported to total around $1 trillion across vendors, including an AMD deal granting warrants for up to about 10% of AMD’s shares and a commitment equal to roughly 6 GW of Instinct chips.
• Altman said more large transactions are coming, while analysts and reporters flagged ‘circular’ financing mechanics in which chipmakers help fund customers’ hardware purchases in exchange for equity.
• Power and supply chains remain chokepoints, with Dell calling energy the limiting factor, Huang urging off‑grid generation such as gas turbines now and nuclear later, Altman preferring added TSMC capacity over Intel, and Samsung tipped as a key HBM4 supplier for AMD’s MI450.