Nvidia(US:NVDA) 美股IPO·2025-12-03 00:57Core Viewpoint - Nvidia's CFO Colette Kress indicated that the projected $500 billion in orders for Blackwell and Rubin AI chips by 2026 does not include any ongoing work related to the next phase of collaboration with OpenAI, and the previously announced $100 billion investment agreement with OpenAI has not yet been finalized [1][3][4] Group 1: Nvidia and OpenAI Collaboration - Nvidia's investment agreement with OpenAI, which was announced in September, involves deploying at least 10 gigawatts of Nvidia systems, sufficient to power over 8 million American households, with a commitment to invest up to $100 billion as systems come online [3][4] - Kress stated that the $500 billion demand for Blackwell and Rubin systems does not account for any work being done for the next phase of the OpenAI agreement [4] - OpenAI is currently procuring mainly through cloud partners like Microsoft and Oracle rather than the direct purchasing path outlined in the September letter of intent [5][6] Group 2: Market Demand and Financial Implications - Nvidia has previously disclosed sales and market demand for Blackwell and Rubin but did not clarify the relationship between the $500 billion order figure and the OpenAI collaboration [8] - Kress reiterated that the $500 billion figure could increase, and new partnerships announced during the reporting period have not been fully accounted for [8] - The latest 10-Q filing from Nvidia suggests that the investment arrangements may not be completed as expected, indicating potential risks associated with the OpenAI agreement and other investments [9] Group 3: Challenges and Competition - Nvidia acknowledged that the pace of technological updates complicates planning, as the company has shifted to annual releases of new architectures while supporting previous generations [10] - Concerns have been raised about the potential for market volatility related to AI workloads, similar to past cycles seen in cryptocurrency mining [11] - Despite the uncertainty surrounding the OpenAI agreement, Kress emphasized that Nvidia's relationship with OpenAI remains strong, and the company's sales outlook does not rely on this pending collaboration [12]