By Laura Bratton
Publication Date: 2025-11-19 11:00:00
Nvidia’s (NVDA) latest AI partnership with Microsoft (MSFT) and Anthropic underscores the chipmaker’s torrid pace of dealmaking this year, even as circular artificial intelligence agreements have set off alarm bells among investors.
Nvidia invested $23.7 billion in firms in the space through 59 deals between the start of 2025 and Monday, according to Pitchbook data. For the entirety of 2024, Nvidia inked a total of 54 deals worth $22.8 billion.
Nvidia’s investments in AI firms — totaling roughly $53 billion and amounting to 170 deals between 2020 and 2025 — span the entire AI ecosystem, ranging from large language model developers such as OpenAI (OPAI.PVT) and Cohere (COHR.PVT) to “neoclouds” like Lambda (LAMD.PVT) and CoreWeave (CRWV), which specialize in AI services and compete with the chipmaker’s Big Tech customers.
In the deal announced Tuesday, Nvidia and Microsoft will invest up to $10 billion and as much as $5 billion, respectively, in AI developer Anthropic (ANTH.PVT). Anthropic will buy $30 billion of compute capacity from Microsoft Azure, and Anthropic and Nvidia will collaborate on design and engineering, the companies said.
The partnership follows Nvidia’s $6.6 billion investment in OpenAI (OPAI.PVT) in October and a $6 billion investment in Elon Musk’s xAI (XAAI.PVT) in November, per Pitchbook. Nvidia has committed to investing up to $100 billion in OpenAI in an…
