Nvidia CEO Jensen Huang calls upcoming OpenAI deal probably "the largest investment we've ever made"

Update:

Nvidia CEO Jensen Huang confirmed an investment in OpenAI, though far less than the $100 billion discussed last September. He didn't share the exact amount, but it won't be pocket change—he called it "probably the largest investment we've ever made."

OpenAI is currently trying to raise up to $100 billion total. According to Bloomberg, Amazon is also in talks to invest up to $50 billion.

Original article from January 31, 2026:

Nvidia reportedly puts $100 billion OpenAI deal "on ice"

The mega-deal between OpenAI and Nvidia announced in September may not happen as planned. Nvidia CEO Jensen Huang has reportedly expressed internal doubts about OpenAI's business approach.

According to a report in the Wall Street Journal, the planned $100 billion deal between Nvidia and OpenAI is "on ice." Negotiations never moved past the early stages, even though OpenAI expected to close the agreement within weeks of the September 2025 announcement.

In recent months, Nvidia CEO Jensen Huang has told industry partners that the original agreement was non-binding. He has also privately criticized what he sees as a lack of discipline in OpenAI's business approach and raised concerns about competition from Google and Anthropic.

Both companies are now rethinking the future of their partnership, according to the report. Recent talks reportedly include an equity investment worth tens of billions of dollars as part of OpenAI's current funding round.

Warning signs appeared back in December, when Nvidia CFO Colette Kress confirmed that no final agreement had been reached. Nvidia's $500 billion revenue forecast didn't include any potential revenue from the OpenAI deal.

Google and Anthropic turn up the heat

Google's Gemini app may not catch up to ChatGPT anytime soon, but it's seeing solid growth. Anthropic's AI coding agent Claude Code is also putting pressure on the company—a particularly significant threat given that coding is a key driver of B2B adoption and API revenue, where enterprise customers generate the bulk of AI spending.

That said, Huang still believes supporting OpenAI financially makes sense, likely because the startup is one of Nvidia's biggest customers. If OpenAI falls behind other AI developers, it could hurt Nvidia's sales. At the same time, OpenAI is developing its own AI chips to reduce its dependence on Nvidia.

Both companies remain vague about the $100 billion deal. A OpenAI spokesperson told the Wall Street Journal that the teams are "actively working through details" of the partnership. An Nvidia spokeswoman said the company has been OpenAI's partner of choice for ten years and looks forward to continued collaboration.

Original deal promised "largest computing project in history"

In September 2025, OpenAI and Nvidia announced a letter of intent to build at least 10 gigawatts of computing power—roughly equivalent to the output of ten typical nuclear power plants.

Under the plan, Nvidia would invest up to $100 billion to help finance the project, while OpenAI would lease the chips. Huang called it "the largest computing project in history" at the time. Nvidia's share price jumped nearly four percent on the news. OpenAI is reportedly planning to go public in late 2026.