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Two AI giants shake market confidence after investment fails to materialize.
In September 2025, Nvidia and OpenAI announced a letter of intent for Nvidia to invest up to $100 billion in OpenAI’s AI infrastructure. At the time, the companies said they expected to finalize details “in the coming weeks.” Five months later, no deal has closed, Nvidia’s CEO now says the $100 billion figure was “never a commitment,” and Reuters reports that OpenAI has been quietly seeking alternatives to Nvidia chips since last year.
Reuters also wrote that OpenAI is unsatisfied with the speed of some Nvidia chips for inference tasks, citing eight sources familiar with the matter. Inference is the process by which a trained AI model generates responses to user queries. According to the report, the issue became apparent in OpenAI’s Codex, an AI code-generation tool. OpenAI staff reportedly attributed some of Codex’s performance limitations to Nvidia’s GPU-based hardware.
After the Reuters story published and Nvidia’s stock price took a dive, Nvidia and OpenAI have tried to smooth things over publicly. OpenAI CEO Sam Altman posted on X: “We love working with NVIDIA and they make the best AI chips in the world. We hope to be a gigantic customer for a very long time. I don’t get where all this insanity is coming from.”
What happened to the $100 billion?
The September announcement described a wildly ambitious plan: 10 gigawatts of Nvidia systems for OpenAI, requiring power output equal to roughly 10 nuclear reactors. Nvidia CEO Jensen Huang told CNBC at the time that the project would match Nvidia’s total GPU shipments for the year. “This is a giant project,” Huang said.
But the deal was always a letter of intent, not a binding contract. And in recent weeks, Huang has been walking back the number. On Saturday, he told reporters in Taiwan that the $100 billion was “never a commitment.” He said OpenAI had invited Nvidia to invest “up to” that amount and that Nvidia would “invest one step at a time.”
“We are going to make a huge investment in OpenAI,” Huang said. “Sam is closing the round, and we will absolutely be involved. We will invest a great deal of money, probably the largest investment we’ve ever made.” But when asked if it would be $100 billion, Huang replied, “No, no, nothing like that.”
A Wall Street Journal report on Friday said Nvidia insiders had expressed doubts about the transaction and that Huang had privately criticized what he described as a lack of discipline in OpenAI’s business approach. The Journal also reported that Huang had expressed concern about the competition OpenAI faces from Google and Anthropic. Huang called those claims “nonsense.”
Nvidia shares fell about 1.1 percent on Monday following the reports. Sarah Kunst, managing director at Cleo Capital, told CNBC that the back-and-forth was unusual. “One of the things I did notice about Jensen Huang is that there wasn’t a strong ‘It will be $100 billion.’ It was, ‘It will be big. It will be our biggest investment ever.’ And so I do think there are some question marks there.”
In September, Bryn Talkington, managing partner at Requisite Capital Management, noted the circular nature of such investments to CNBC. “Nvidia invests $100 billion in OpenAI, which then OpenAI turns back and gives it back to Nvidia,” Talkington said. “I feel like this is going to be very virtuous for Jensen.”
Tech critic Ed Zitron has been critical of Nvidia’s circular investments for some time, which touch dozens of tech companies, including major players and startups. They are also all Nvidia customers.
“NVIDIA seeds companies and gives them the guaranteed contracts necessary to raise debt to buy GPUs from NVIDIA,” Zitron wrote on Bluesky last September, “Even though these companies are horribly unprofitable and will eventually die from a lack of any real demand.”
Chips from other places
Outside of sourcing GPUs from Nvidia, OpenAI has reportedly discussed working with startups Cerebras and Groq, both of which build chips designed to reduce inference latency. But in December, Nvidia struck a $20 billion licensing deal with Groq, which Reuters sources say ended OpenAI’s talks with Groq. Nvidia hired Groq’s founder and CEO Jonathan Ross along with other senior leaders as part of the arrangement.
In January, OpenAI announced a $10 billion deal with Cerebras instead, adding 750 megawatts of computing capacity for faster inference through 2028. Sachin Katti, who joined OpenAI from Intel in November to lead compute infrastructure, said the partnership adds “a dedicated low-latency inference solution” to OpenAI’s platform.
But OpenAI has clearly been hedging its bets. Beyond the Cerebras deal, the company struck an agreement with AMD in October for six gigawatts of GPUs and announced plans with Broadcom to develop a custom AI chip to wean itself off of Nvidia dependence. When those chips will be ready, however, is currently unknown.
In September 2025, Nvidia and OpenAI announced a letter of intent for Nvidia to invest up to $100 billion in OpenAI’s AI infrastructure. At the time, the companies said they expected to finalize details “in the coming weeks.” Five months later, no deal has closed, Nvidia’s CEO now says the $100 billion figure was “never a commitment,” and Reuters reports that OpenAI has been quietly seeking alternatives to Nvidia chips since last year.
Reuters also wrote that OpenAI is unsatisfied with the speed of some Nvidia chips for inference tasks, citing eight sources familiar with the matter. Inference is the process by which a trained AI model generates responses to user queries. According to the report, the issue became apparent in OpenAI’s Codex, an AI code-generation tool. OpenAI staff reportedly attributed some of Codex’s performance limitations to Nvidia’s GPU-based hardware.
After the Reuters story published and Nvidia’s stock price took a dive, Nvidia and OpenAI have tried to smooth things over publicly. OpenAI CEO Sam Altman posted on X: “We love working with NVIDIA and they make the best AI chips in the world. We hope to be a gigantic customer for a very long time. I don’t get where all this insanity is coming from.”
What happened to the $100 billion?
The September announcement described a wildly ambitious plan: 10 gigawatts of Nvidia systems for OpenAI, requiring power output equal to roughly 10 nuclear reactors. Nvidia CEO Jensen Huang told CNBC at the time that the project would match Nvidia’s total GPU shipments for the year. “This is a giant project,” Huang said.
But the deal was always a letter of intent, not a binding contract. And in recent weeks, Huang has been walking back the number. On Saturday, he told reporters in Taiwan that the $100 billion was “never a commitment.” He said OpenAI had invited Nvidia to invest “up to” that amount and that Nvidia would “invest one step at a time.”
“We are going to make a huge investment in OpenAI,” Huang said. “Sam is closing the round, and we will absolutely be involved. We will invest a great deal of money, probably the largest investment we’ve ever made.” But when asked if it would be $100 billion, Huang replied, “No, no, nothing like that.”
A Wall Street Journal report on Friday said Nvidia insiders had expressed doubts about the transaction and that Huang had privately criticized what he described as a lack of discipline in OpenAI’s business approach. The Journal also reported that Huang had expressed concern about the competition OpenAI faces from Google and Anthropic. Huang called those claims “nonsense.”
Nvidia shares fell about 1.1 percent on Monday following the reports. Sarah Kunst, managing director at Cleo Capital, told CNBC that the back-and-forth was unusual. “One of the things I did notice about Jensen Huang is that there wasn’t a strong ‘It will be $100 billion.’ It was, ‘It will be big. It will be our biggest investment ever.’ And so I do think there are some question marks there.”
In September, Bryn Talkington, managing partner at Requisite Capital Management, noted the circular nature of such investments to CNBC. “Nvidia invests $100 billion in OpenAI, which then OpenAI turns back and gives it back to Nvidia,” Talkington said. “I feel like this is going to be very virtuous for Jensen.”
Tech critic Ed Zitron has been critical of Nvidia’s circular investments for some time, which touch dozens of tech companies, including major players and startups. They are also all Nvidia customers.
“NVIDIA seeds companies and gives them the guaranteed contracts necessary to raise debt to buy GPUs from NVIDIA,” Zitron wrote on Bluesky last September, “Even though these companies are horribly unprofitable and will eventually die from a lack of any real demand.”
Chips from other places
Outside of sourcing GPUs from Nvidia, OpenAI has reportedly discussed working with startups Cerebras and Groq, both of which build chips designed to reduce inference latency. But in December, Nvidia struck a $20 billion licensing deal with Groq, which Reuters sources say ended OpenAI’s talks with Groq. Nvidia hired Groq’s founder and CEO Jonathan Ross along with other senior leaders as part of the arrangement.
In January, OpenAI announced a $10 billion deal with Cerebras instead, adding 750 megawatts of computing capacity for faster inference through 2028. Sachin Katti, who joined OpenAI from Intel in November to lead compute infrastructure, said the partnership adds “a dedicated low-latency inference solution” to OpenAI’s platform.
But OpenAI has clearly been hedging its bets. Beyond the Cerebras deal, the company struck an agreement with AMD in October for six gigawatts of GPUs and announced plans with Broadcom to develop a custom AI chip to wean itself off of Nvidia dependence. When those chips will be ready, however, is currently unknown.
