Nvidia CFO Colette Kress said at the UBS Global Technology and AI Conference in Arizona that the company's potential investment agreement with OpenAI of up to US$100 billion has not been finalised.
Nvidia noted in its third-quarter fiscal 2026 risk disclosures that it cannot guarantee a final agreement with OpenAI or any other potential investments, nor ensure that any deal would close under expected terms.
Reuters and CNBC reported that Nvidia and OpenAI announced a letter of intent in September outlining an investment framework under which Nvidia would deploy at least 10 GW of its systems for OpenAI. Kress said Nvidia has not yet reached a final deal but is working with OpenAI.
Nvidia CEO Jensen Huang previously said the company's advanced chip orders through 2026 had reached US$500 billion.
Kress said on December 2 that any chips Nvidia may supply to OpenAI after a final agreement would not be included in the US$500 billion figure cited by Huang and would lift total orders.
Kress said the US$500 billion "does not include any of the work Nvidia is doing with OpenAI on the next phase of the agreement."
In October, Nvidia announced plans to invest up to US$10 billion in Anthropic, an OpenAI competitor. Kress said this deal could also increase Nvidia's US$500 billion total chip-order figure.
Over the past year, Nvidia has signed multiple deals with AI start-ups and invested in several companies that are also major customers, raising concerns about an AI bubble and potential "circular transactions."
In September, OpenAI said the US$100 billion framework would make Nvidia its preferred strategic compute and networking partner for its AI-factory expansion plans. OpenAI and Nvidia said they would work together to optimise OpenAI's models and infrastructure software and Nvidia's hardware and software roadmap.
Article edited by Jack Wu
