Uncertainty Surrounds Nvidia's $10 Billion Investment Agreement with OpenAI

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Published inAI News · 4 min read · Nov 20, 2025

Two months ago, Nvidia CEO Jensen Huang and OpenAI CEO Sam Altman jointly announced a historic agreement in San Jose, California, under which Nvidia will invest up to $10 billion in OpenAI over the next few years. This investment will be gradually implemented as OpenAI's AI supercomputing facilities come online, although specific construction schedules and costs for each data center have not been disclosed. However, in Nvidia's recent quarterly earnings report, the chipmaker warned investors about significant differences between the announcement and the formal contract.

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Image source note: The image is AI-generated, and the image licensing service is Midjourney

In its risk factors section of the earnings report, Nvidia stated: "We do not guarantee that we will reach a final agreement with OpenAI or other potential investments, or that any investment will be completed on the expected terms." Nvidia has recently been increasing its investment efforts, using its growing cash reserves to support companies that purchase its graphics processors (GPUs). In addition to the agreement with OpenAI, Nvidia also announced a $5 billion commitment to invest in Intel this quarter, and reached an investment agreement of up to $10 billion with Anthropic.

Although Nvidia remains optimistic about its collaboration with OpenAI, this uncertainty has not affected its expectations for future growth. Nvidia CFO Colette Kress pointed out during the earnings call that OpenAI's user base has recently grown to 800 million, with 1 million enterprise customers, and its gross margin remains healthy. Huang said, "All of OpenAI's work is based on Nvidia's technology." However, OpenAI has also reached an agreement with competitor AMD, planning to deploy 6 gigawatts of AMD Instinct GPUs in the coming years. This agreement has been signed and includes relevant conditions.

Key Points:
🌟 The $10 billion investment agreement between Nvidia and OpenAI is not guaranteed to be finalized.
📈 OpenAI recently reported that its user base has reached 800 million, with 1 million enterprise customers.
💡 OpenAI has also reached an agreement with AMD to deploy 6 gigawatts of AMD GPUs.

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