25. September 2025
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Nvidia’s $100B OpenAI Deal: More Questions Than Answers
Nvidia has announced a major investment plan of up to $100 billion into OpenAI, paired with hardware supply. However, many details remain unclear: which entity the investment flows into, governance structure, and supply commitments.
Quick Insight: Serving both as investor and supplier puts Nvidia in a complex position. The lack of clarity around control, obligation, and valuation invites scrutiny.
Key Deal Elements
• The first phase involves funding compute capacity—using next-gen Vera Rubin chips.
• Nvidia’s proposed stake will be non-voting.
• Questions remain whether the investment is in OpenAI’s nonprofit, its for-profit arm, or both.
• The total compute required still exceeds what Nvidia alone will supply under this deal.
Major Ambiguities
• How will residual funding beyond Nvidia’s contribution be raised?
• Will Nvidia receive preferential access to AI chips or services?
• How will potential conflicts of interest be managed, given Nvidia’s dual role?
• What will the valuation and terms be for future investments?
• How much say will Nvidia have in strategic decisions without voting rights?
Final Thoughts
This is a bold bet with high upside but many unanswered questions. If managed well, it could advance AI infrastructure integration significantly. But risks around governance, fairness, and supply may challenge its long-term viability.
Tip: Watch for regulatory filings, board updates, and competitor responses to see how this deal is structured and evolves.
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