By Ari Levy,Kif Leswing
Publication Date: 2025-11-20 00:19:00
Two months ago Nvidia CEO Jensen Huang and OpenAI CEO Sam Altman stood side by side in San Jose, California, to announce a historic agreement between the two leaders in artificial intelligence.
Nvidia would invest $100 billion over a number of years, starting in 2026, as OpenAI’s AI supercomputing facilities come online, the duo said. The timing of the buildouts and the cost of each data center weren’t disclosed.
But in Nvidia’s quarterly financial report on Wednesday, the chipmaker reminded investors that there’s a big difference between an announcement and a contract.
“There is no assurance that we will enter into definitive agreements with respect to the OpenAI opportunity or other potential investments, or that any investment will be completed on expected terms,” Nvidia said in the risk factors section of its quarterly filing.
Nvidia has been on an investing binge of late, putting its ever-expanding cash hoard to use, and financially supporting companies that buy its graphics processing units, or GPUs. In addition to the OpenAI arrangement, Nvidia on Wednesday highlighted its $5 billion commitment to invest in Intel during the quarter and its agreement this week to invest up to $10 billion in Anthropic.
An OpenAI spokesperson didn’t provide a comment but pointed to Huang’s statements on the call, including his description of OpenAI as a “once-in-a-generation company” and his expectation that the investment will “translate to extraordinary returns.”
“There is no assurance…
