Nvidia cuts OpenAI data‑center financing guarantee to $100 billion

Nvidia announced Monday that it will cap its financing commitment for OpenAI’s data‑center expansion at $100 billion, down from the $250 billion ceiling disclosed in 2023 [Reuters][WSJ]. The cap applies to all future GPU purchases and related services tied to OpenAI’s compute roadmap and introduces a quarterly review that requires OpenAI to meet utilization thresholds before additional credit is extended. Nvidia also said it will prioritize existing orders for other enterprise customers once the revised ceiling is reached.

The original $250 billion guarantee, unveiled at Nvidia’s 2023 Investor Day, was framed as a multi‑year, pay‑as‑you‑go credit line for OpenAI to acquire H100 and later Hopper GPUs. By scaling back, Nvidia reduces its exposure to volatile AI‑infrastructure spend after a year of unpredictable demand.

The lower ceiling tightens capital constraints for OpenAI, prompting a shift toward more cost‑efficient hardware or additional partners to sustain GPT‑5‑scale training. Analysts at Morgan Stanley estimate the reduction trims Nvidia’s AI‑hardware revenue upside by roughly $5 billion in annualized revenue. At the same time, AMD, Google Cloud and Intel’s Habana line now have a clearer opening to capture portions of OpenAI’s infrastructure spend as the lab evaluates alternative GPU suppliers.