Eugene Zhao 赵方舟 Tel: (86) 178 9848 1530 23 Sep 2025 SFC CE: BUC831 环球富盛理财有限公司 NVIDIA (NVDA US, Buy/TP$225) $100bn investment in OAI bringing back $35bn revenue per year Comments ➢ $100bn investment in OAI bringing back $35bn per year: OpenAI and NVIDIA announced strategic partnership to deploy 10 Gigawatts of AI DCs with NVIDIA systems in coming years. To support the partnership, NVIDIA intends to invest up to $100 billion in OpenAI progressively as each gigawatt is deployed. The first gigawatt of NVIDIA sy ...

Core Insights - OpenAI and NVIDIA have announced a strategic partnership to deploy at least 10 gigawatts of NVIDIA systems for OpenAI's next-generation AI infrastructure, with NVIDIA planning to invest up to $100 billion progressively as each gigawatt is deployed [1][10] - The first phase of this deployment is expected to come online in the second half of 2026, utilizing the NVIDIA Vera Rubin platform [1][10] - This partnership aims to enhance AI capabilities and infrastructure, supporting OpenAI's mission to develop artificial general intelligence that benefits humanity [3][10] Company Collaboration - OpenAI will collaborate with NVIDIA as its preferred strategic compute and networking partner, co-optimizing their roadmaps for AI models and infrastructure software [2][3] - The partnership builds on a decade-long relationship between OpenAI and NVIDIA, which has included the development of AI systems used by hundreds of millions of people [2][3] Market Impact - OpenAI has achieved over 700 million weekly active users, indicating strong adoption across various sectors, including global enterprises and small businesses [3] - The partnership is expected to significantly advance the capabilities of AI infrastructure, potentially leading to new breakthroughs and scaling benefits to a wider audience [2][3]