Is the Stalled Nvidia-OpenAI Megadeal AI’s First Domino to Fall?

Last September, Nvidia (NASDAQ:NVDA) and OpenAI lit up the AI world with the announcement of a letter of intent for a “landmark strategic partnership” to deploy at least 10 gigawatts of Nvidia systems, backed by up to $100 billion of progressive investment as capacity came online. 

The agreement, though, was explicitly non‑binding and was dependent on infrastructure milestones such as data center and power build‑out. It also sat alongside a broader web of OpenAI arrangements and talks that, across cloud partners, chipmakers, and financial investors, have been reported to total approximately $1.4 trillion in potential commitments over multiple years. 

However, The Wall Street Journal yesterday reported that Nvidia’s $100 billion plan had stalled amid internal doubts about the size and structure of the transaction and questions about OpenAI’s business discipline and competitive risks. Considering the interconnectedness of many of OpenAI’s agreements — and the criticism that Nvidia engages in a form of circular financing with its own deals — is this the loose thread that, once pulled, unravels the entire AI boom?

OpenAI’s Web of Megadeals

OpenAI’s position today is anchored in a dense network of partners and funding discussions that go far beyond any single Nvidia deal. Among the most prominent:

• Microsoft (NASDAQ:MSFT) Azure: An incremental $250 billion commitment from OpenAI to purchase Azure cloud…