Nvidia says there's 'no assurance' of final agreement with OpenAI despite $100 billion pact

Core Insights - Nvidia announced a significant investment of $100 billion in OpenAI over several years, starting in 2026, but emphasized that this is not a guaranteed contract [1][2] - Nvidia has been actively investing, including a $5 billion commitment to Intel and a potential $10 billion investment in Anthropic [3] - OpenAI is projected to end the year with a $20 billion annualized revenue run rate, but this does not cover its expenses [6] - OpenAI has announced a total of $1.4 trillion in infrastructure spending with various partners, relying heavily on external capital [7] Nvidia and OpenAI Partnership - The investment in OpenAI is contingent on meeting specific benchmarks, with an initial $10 billion expected to be available soon [5] - Nvidia's CFO highlighted OpenAI's growth, including an increase in weekly users to 800 million and enterprise customers to 1 million [9] - Despite the uncertainty surrounding the agreement, Nvidia remains optimistic about its collaboration with OpenAI [8] Competitive Landscape - OpenAI has also partnered with AMD, agreeing to deploy 6 gigawatts of AMD's Instinct GPUs, which includes signed agreements, unlike Nvidia's current arrangement [9][10] - AMD's agreement includes a warrant for up to 160 million shares of AMD's stock, with vesting tied to deployment volume and AMD's share price [11]