Nvidia to Invest Up to $100B in OpenAI

Nvidia will invest up to $100 billion in OpenAI under a staged LOI to finance the construction of at least 10 gigawatts of AI data‑center capacity, with deliveries of Nvidia systems slated to begin in the second half of 2026. The agreement reportedly includes an initial $10 billion signing tranche tied to gigawatt milestones and gives Nvidia equity (reported as non‑voting) while OpenAI would use the capital to buy Nvidia hardware. Analysts say the pact creates a multihundred‑billion‑dollar sales opportunity for Nvidia, has prompted bullish market reactions, and could accelerate enterprise AI adoption and boost Nvidia’s near‑term outlook. Critics and some legal experts warn the structure resembles circular or vendor financing and raises governance, valuation and antitrust concerns given Nvidia’s dominant share of high‑end data‑center GPUs. Observers also caution the scale and speed of the rollout expose major power and supply‑chain bottlenecks—large turbines, forgings, transformers and specialty steel are largely foreign‑sourced—that could slow deployment and amplify systemic risks if demand or the closed‑loop economics prove overstated.