Overview

• The letter of intent ties progressive funding to roughly 10 gigawatts of capacity, with an initial ~$10 billion expected within months, according to Mizuho.
• First OpenAI deployments are forecast for the second half of 2026, beginning with Nvidia’s Vera Rubin NVL systems.
• Analysts boosted outlooks as reported AI cloud backlogs exceed $1 trillion and planned spending runs into the trillions, favoring Nvidia’s GPU and networking platforms.
• Nvidia CEO Jensen Huang called OpenAI “likely” the next multi‑trillion‑dollar hyperscaler, casting the commitment as a bet on outsized scale.
• DA Davidson warned Nvidia could be taking on “investor of last resort” risk, with some observers also flagging potential GPU supply tightness for other customers.