Overview

• The companies signed a letter of intent for OpenAI to deploy at least 10 gigawatts of Nvidia systems to train and run future models.
• Nvidia plans to invest up to $100 billion in OpenAI progressively, with funding tied to each gigawatt deployed.
• DA Davidson’s Gil Luria reaffirmed a Buy rating on Nvidia with a $210 price target on September 23.
• DA Davidson warned Nvidia may be acting as an “investor of last resort” to support OpenAI’s heavy commitments.
• The firm cited Nvidia’s earlier bailout of CoreWeave’s IPO, noting that investment has since tripled in value but urging greater participation from traditional financiers.