Date: December 2, 2025

Executive Summary

Nvidia CFO Colette Kress told investors that the company’s letter of intent to invest up to $100 billion in OpenAI is still under negotiation. The potential deal involves deploying at least 10 gigawatts of Nvidia systems,  enough to power more than 8 million U.S. homes, but none of it is included in Nvidia’s existing $500 billion backlog. The comments underscore both the scale of the AI hardware boom and the uncertainty around high‑profile partnerships.

Full Article

At the UBS Global Technology and AI Conference in Arizona, Nvidia’s finance chief struck a cautious tone. Although the world’s most valuable chipmaker announced in September a letter of intent to supply OpenAI with hardware worth up to $100 billion, no definitive agreement has been signed. The plan would see at least 10 gigawatts of Nvidia systems deployed for OpenAI, boosting the startup’s computing capacity beyond that of many national power grids.

Kress noted that any future deal would be incremental to Nvidia’s existing $500 billion in chip bookings through 2026. The remarks follow investor concerns about circular arrangements in the AI industry, where chipmakers both invest in and sell to the same AI startups. Nvidia recently committed up to $10 billion to OpenAI rival Anthropic, further fueling speculation about an AI bubble.

For entrepreneurs, the takeaway is that even market leaders face uncertainty in the fast‑moving AI ecosystem. Hardware suppliers must balance ambitious customer demands with supply constraints and financial risk. Startups developing energy‑efficient chips, alternative interconnect technologies or creative financing models may find receptive audiences as the big players navigate billion‑dollar negotiations.

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