Overview

• Nvidia and OpenAI signed a letter of intent for up to $100 billion of investment and at least 10 gigawatts of Nvidia systems for OpenAI’s next‑generation infrastructure, with funding expected to be deployed over multiple years.
• Nvidia says it does not require portfolio companies to use its technology, and the OpenAI funds will not be used to purchase Nvidia products; the chipmaker is a preferred, not exclusive, compute supplier to OpenAI.
• The OpenAI pact caps a broader acceleration in deals, including a $5 billion investment in Intel, $500 million for Wayve, and £500 million for U.K. cloud provider Nscale, as Nvidia’s 2025 deal count reaches 51.
• Analysts mostly remain positive: Barclays lifted its price target to 240 and Evercore to 225, while Bank of America modeled potential 3–5× returns on the OpenAI investment but cautioned on concentration and accounting optics.
• Nvidia shares eased from an intraday record this week during a broader AI‑chip pullback, even as firms plan more than $2 trillion of AI data‑center spending that analysts say will favor Nvidia and some rivals.