Nvidia and OpenAI Near New Investment Deal After Scrapping $100 Billion Partnership

Nvidia and OpenAI Near New Investment Deal After Scrapping $100 Billion Partnership

Nvidia and OpenAI are approaching an investment agreement that would replace an ambitious $100 billion partnership that never materialized, according to people familiar with the matter.

The development marks a significant recalibration between two of artificial intelligence's most prominent players, whose relationship has been central to the sector's explosive growth. For finance chiefs tracking AI capital deployment, the shift from a nine-figure megadeal to a more modest investment structure signals a broader pullback from the industry's most aggressive spending commitments.

The original $100 billion arrangement—which would have represented one of the largest technology partnerships in history—failed to reach completion, though the precise reasons remain unclear. The figure itself is notable: it would have exceeded the annual capital expenditure budgets of most Fortune 500 companies and rivaled the market capitalizations of established industrial conglomerates.

Now the companies are working toward what appears to be a more conventional investment structure, though specific terms have not been disclosed. The shift suggests both parties may have concluded that a traditional equity stake or commercial agreement better serves their interests than the sprawling partnership originally envisioned.

The relationship between Nvidia and OpenAI has long been symbiotic but complex. Nvidia's graphics processing units power the training of OpenAI's large language models, making the chipmaker an essential infrastructure provider for the AI developer. OpenAI, meanwhile, has driven enormous demand for Nvidia's most advanced—and expensive—chips, contributing to the chipmaker's market value surge past $2 trillion.

For corporate finance teams, the unraveling of the $100 billion deal offers a case study in AI deal-making's current volatility. The sector has seen numerous headline-grabbing partnerships announced with great fanfare, only to be restructured or abandoned as companies grapple with the practical realities of deploying AI at scale.

The new investment arrangement, whatever its final form, will likely include provisions around chip access, computing resources, and potentially equity stakes. These are the currencies of AI partnerships in 2026: not just cash, but guaranteed access to scarce computational infrastructure.

The timing is particularly relevant as finance leaders face mounting pressure to demonstrate returns on AI investments. The shift from a $100 billion commitment to something more measured may reflect a broader industry maturation—or simply the recognition that even in AI's frothy market, hundred-billion-dollar handshakes remain difficult to execute.

What remains to be seen is whether this represents an isolated recalibration or a broader pattern of AI partnerships being downsized as initial enthusiasm meets operational reality.