Nvidia(US:NVDA) 华尔街见闻·2025-09-23 10:12Core Viewpoint - Nvidia has entered a strategic partnership with OpenAI to establish AI data centers with a capacity of at least 10 gigawatts (GW), utilizing millions of Nvidia GPUs for training and deploying next-generation AI models [1][2]. Investment Details - Nvidia plans to invest up to $100 billion in OpenAI, marking its largest investment commitment to date. This investment will be phased in as each 1 GW system is deployed, with the first system expected to go live in the second half of 2026 [2][4]. - The investment is expected to generate cumulative revenues of approximately $300 billion to $500 billion for Nvidia in the future, enhancing its competitive barriers against rivals like Broadcom and AMD [4][10]. Strategic Significance - The investment is a strategic equity investment aimed at securing OpenAI as a priority partner, thereby solidifying Nvidia's dominance in AI computing and networking [4][11]. - Nvidia's CEO Jensen Huang emphasized the scale of the partnership, noting that the 10 GW capacity equates to 4 to 5 million GPUs, which is double Nvidia's total shipments for the year [6][7]. Financial Implications - The cost of building a 1 GW data center is estimated between $50 billion and $60 billion, with around $35 billion allocated for Nvidia chips and systems. Thus, the total investment for the 10 GW project could reach several hundred billion dollars [8][10]. - Analysts predict that Nvidia could generate several hundred billion dollars in free cash flow over the next few years, given its revenue scale of up to $200 billion and a free cash flow margin of 40%-50% [10]. Market Positioning - The partnership allows Nvidia to maintain its core position in AI system construction, especially as OpenAI explores hardware development, including self-developed chips [11]. - The collaboration is seen as a strategic move to diversify Nvidia's supply chain and strengthen its position in the AI value chain, moving beyond being just a hardware supplier to a key partner in the AI economic ecosystem [11].