Core 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]

Market Overview - The US stock market indices opened higher on October 29, with the Dow Jones Industrial Average reaching a record high of 48,000 points during the session [2] - The current prices and percentage changes for major indices are as follows: Dow Jones at 47,925.84 (+0.46%), Nasdaq at 23,978.59 (+0.63%), and S&P 500 at 6,911.25 (+0.30%) [3] Semiconductor Sector Performance - Semiconductor stocks experienced a broad rally, with Nvidia reaching a new all-time high [3] - Notable stock performances include Micron Technology up over 3% and AMD also rising approximately 3% [3] Nvidia's Market Milestones - Nvidia's stock price increased nearly 5%, making it the first company to surpass a market capitalization of $5 trillion [5] - Nvidia's CEO Jensen Huang indicated strong demand for AI, projecting revenues exceeding $500 billion from the upcoming Blackwell and Rubin architecture chips, which will be derived from 20 million GPUs [6][7] Chip Architecture Developments - Nvidia showcased the next-generation Rubin chip, boasting a computing power of 100 PFlops, which is 100 times that of its first AI-specific computer, DGX-1 [7] - The Rubin chip is expected to enter production by next year [7] Strategic Investments - Nvidia announced a $1 billion investment in Nokia to accelerate AI-RAN (Radio Access Network) innovations, facilitating the transition from 5G to 6G [7] - The partnership aims to enhance the development and deployment of next-generation AI-native mobile networks and infrastructure [7] AI Factory Innovations - Nvidia introduced the NVIDIA BlueField-4 data processor, which will support AI factory operating systems and is part of the Rubin architecture products set to launch in 2026 [7]