Overview

• The companies signed a letter of intent under which Nvidia would invest up to $100 billion and supply systems for roughly 10 gigawatts of capacity, with funding released as facilities come online.
• Analysts say initial disbursements could total about $10 billion once a definitive agreement is executed, with first deployments expected in the second half of 2026 using Rubin‑era NVL systems.
• Nvidia is set to receive equity in OpenAI and be a preferred compute partner, deepening ties that also link Oracle’s reported $300 billion cloud deal and CoreWeave’s expanded $22.4 billion commitment.
• Wall Street raised targets on Nvidia on expectations it will capture most of the multi‑trillion‑dollar AI infrastructure spend, while others warn about vendor financing and customer concentration risks.
• OpenAI’s CFO estimates about $13 billion in 2025 revenue, far below its multiyear obligations, raising questions about how the startup will finance and monetize the planned scale.