By Eva Roytburg
Publication Date: 2025-12-02 17:30:00
Two months after Nvidia and OpenAI unveiled their eyepopping plan to deploy at least 10 gigawatts of Nvidia systems—and up to $100 billion in investments—the chipmaker now admits the deal isn’t actually final.
Speaking Tuesday at UBS’s Global Technology and AI Conference in Scottsdale, Ariz., Nvidia EVP and CFO Colette Kress told investors that the much-hyped OpenAI partnership is still at the letter-of-intent stage.
“We still haven’t completed a definitive agreement,” Kress said when asked how much of the 10-gigawatt commitment is actually locked in.
That’s a striking clarification for a deal that Nvidia CEO Jensen Huang once called “the biggest AI infrastructure project in history.” Analysts had estimated that the deal could generate as much as $500 billion in revenue for the AI chipmaker.
When the companies announced the partnership in September, they outlined a plan to deploy millions of Nvidia GPUs over several years, backed by up to 10 gigawatts of data center capacity. Nvidia pledged to invest up to $100 billion in OpenAI as each tranche comes online. The news helped fuel an AI-infrastructure rally, sending Nvidia shares up 4% and reinforcing the narrative that the two companies are joined at the hip.
Kress’s comments suggest something more tentative, even months after the framework was released.
A megadeal that isn’t in the numbers—yet
It’s unclear why the deal hasn’t been executed, but Nvidia’s latest 10-Q offers clues. The filing…
