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3h ago

Nvidia’s $4.5 Trillion Run Faces Questions Over Proposed $100 Billion OpenAI Tie-Up

One prominent investor says the OpenAI tie-up resembles vendor financing from the dot-com era.

NVIDIA tops $190 for the first time
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Overview

  • Bloomberg reported that Microsoft agreed to a Nebius pact valued at up to $19.4 billion for access to more than 100,000 Nvidia GB300 GPUs, part of roughly $33 billion in neocloud commitments that also include CoreWeave, Nscale, and Lambda.
  • Meta plans up to $72 billion in 2025 capital expenditures focused on AI and has secured $29 billion in financing for a Louisiana data center, while it continues to buy Nvidia chips and is reportedly considering acquiring GPU startup Rivos.
  • The proposed Nvidia–OpenAI arrangement totals about $100 billion in which OpenAI would pay cash for GPUs and Nvidia would reinvest those proceeds into non-controlling OpenAI shares, a structure James Anderson compared to vendor financing.
  • OpenAI’s valuation has reached about $500 billion following roughly $6.6 billion in employee share sales, with reported first-half 2025 revenue of $4.3 billion and a $13 billion full-year target as the company explores a for-profit restructuring with Microsoft.
  • Nvidia shares hit fresh records this week as the company briefly reached a $4.5 trillion market capitalization, now roughly 8% of the S&P 500, with the stock up about 40% year to date.