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Nvidia Scales Back OpenAI Megadeal, Nears $20 Billion Investment in New Funding Round

Jensen Huang says the $100 billion figure was never a commitment, with participation to proceed step by step.

Overview

  • People familiar with the talks say Nvidia is close to a roughly $20 billion stake in OpenAI’s ongoing raise, though the deal is not final and terms could change.
  • The September letter of intent for up to $100 billion and a 10‑gigawatt buildout has not been finalized, and Huang has publicly downplayed that headline number.
  • OpenAI is pursuing up to $100 billion at about an $830 billion valuation, with Amazon discussing as much as $50 billion and SoftBank exploring up to $30 billion, according to multiple reports.
  • OpenAI has expanded chip sourcing beyond Nvidia, with Reuters reporting dissatisfaction over some Nvidia GPUs for low‑latency inference and new arrangements involving AMD, Broadcom and Cerebras.
  • Oracle reiterated confidence in OpenAI’s ability to fund a reported $300 billion compute commitment as it seeks to raise tens of billions for AI infrastructure, while investors scrutinize potential circular financing across the AI supply chain.