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Nvidia Faces AI Deal Uncertainty
20 Nov, 2025
Summary
- Nvidia cautions about securing definitive agreements with OpenAI.
- OpenAI aims for hundreds of billions in revenue by 2030.
- AMD agreement with OpenAI includes a signed contract and stock warrants.
Nvidia has informed investors that its previously announced $100 billion investment in OpenAI's AI infrastructure is not guaranteed, citing the possibility that definitive agreements may not be reached. The chipmaker emphasized this uncertainty in its quarterly financial filings, noting that potential investments could fall through or not proceed as expected.
OpenAI is pursuing substantial infrastructure expansion, with announced plans for roughly $1.4 trillion in spending. The company projects reaching hundreds of billions in revenue by 2030, though current expenses remain high. This ambitious growth strategy is heavily reliant on securing external capital.
In contrast to the tentative Nvidia arrangement, OpenAI has entered into a signed agreement with rival Advanced Micro Devices. This deal includes deploying AMD's GPUs and features a critical component absent in the Nvidia discussions: a warrant for OpenAI to acquire up to 160 million shares of AMD's common stock.
