疑问重重：英伟达千亿美元押注OpenAI，五大问题待解

Core Insights - Nvidia plans to invest up to $100 billion in OpenAI and supply millions of advanced AI chips, a move unprecedented in the tech industry [1] - The initial $10 billion investment will be used to build a 1 GW data center based on Nvidia's next-generation Vera Rubin chips, expected to commence construction in the second half of 2026 [1] Funding Sources - Nvidia's CEO Jensen Huang stated that the construction cost for AI data centers is approximately $50 billion per GW, with about $35 billion allocated for Nvidia's chips and equipment [2] - OpenAI's planned 1 GW data center still requires an additional $40 billion in funding, raising questions about where this capital will come from [2] Corporate Structure Impact - OpenAI is transitioning from a non-profit to a more traditional for-profit structure to facilitate fundraising and an IPO [3] - Nvidia's investment will occur after OpenAI and Nvidia finalize their agreement in the coming months, with uncertainty surrounding whether Nvidia will invest in OpenAI's non-profit entity [3] Investment Valuation - OpenAI's current valuation stands at $500 billion, with Nvidia's initial $10 billion investment tied to this valuation [4] - There is no clear timeline for the total $100 billion investment or whether subsequent investments will be based on OpenAI's current valuation or its valuation at the time of each investment [4] Chip Supply Implications - Nvidia's investment will make it a shareholder in OpenAI, potentially prioritizing chip supply to OpenAI over other clients [5] - Concerns arise regarding whether OpenAI's competitors, such as Anthropic and Microsoft, will continue to receive Nvidia's chips amid this new arrangement [5][6] Impact on Oracle - Oracle recently announced significant cloud service contracts with OpenAI and other major clients, which boosted its stock price [7] - Nvidia's investment may provide stronger revenue support for Oracle, as OpenAI secures new capital commitments [7]