Nvidia(US:NVDA) 美股IPO·2025-09-24 07:19Core Viewpoint - Nvidia plans to invest up to $100 billion in OpenAI, which will use the funds to purchase Nvidia's chips, raising concerns on Wall Street about a potential repeat of the internet bubble [1][2][4][5] Group 1: Investment Structure - The investment structure involves Nvidia providing up to $100 billion for non-voting shares in OpenAI, which will then use this capital to buy Nvidia chips and deploy at least 10 GW of Nvidia systems [2][13] - This "supplier financing" model has led to significant stock price increases in the AI sector but has also raised alarms among seasoned market participants [4][5] Group 2: Market Reactions - Critics liken this transaction to practices before the 2000 tech bubble, where companies like Cisco provided loans to customers who then repurchased their products, suggesting a potentially negative outcome for all involved [8][12] - Supporters argue that this move is a strategic step for Nvidia to solidify its dominance in the GPU market and suppress competition from ASICs, signaling to the market that orders must be placed now to secure chips [6][12] Group 3: Energy Consumption Concerns - The scale of the project is staggering, with OpenAI's deployment of at least 10 GW of Nvidia systems requiring energy equivalent to that produced by 10 nuclear reactors [13][15] - This highlights the significant energy demands of AI infrastructure and the necessity for investors to consider energy costs and infrastructure feasibility in evaluating the future of the AI industry [15]