Nvidia's CEO Jensen Huang suggests the company's recent investments in OpenAI and Anthropic may be its last as both startups prepare for public offerings.
Nvidia's CEO Jensen Huang hinted that the company's recent $30 billion investment in OpenAI might be the final one before the startup's anticipated public offering. Speaking at the Morgan Stanley conference, Huang expressed skepticism about a previously discussed $100 billion investment, stating it "does not seem feasible" due to OpenAI's plans to go public.
Huang also indicated that a $10 billion investment in Anthropic is likely to be the last for similar reasons.
Strategic Partnerships and Future Uncertainty
The September memorandum of understanding between Nvidia and OpenAI included a strategic partnership aimed at developing AI infrastructure with a capacity of 10 GW. At that time, Huang touted the agreement as a significant advancement in AI technology. However, he later criticized OpenAI's business approach.
In November, Nvidia's quarterly earnings report raised doubts about the feasibility of the investment, and by January 2026, sources indicated that the agreement was stalled, although Huang refuted these claims.
In its February quarterly report, Nvidia stated that there were "no guarantees" regarding a deal with OpenAI. The recent $30 billion investment from Nvidia announced on February 27 was part of a larger funding round totaling $110 billion, which also included $30 billion from SoftBank and $50 billion from Amazon. Under this agreement, Nvidia provided an additional 5 GW of capacity, half of what was initially promised.
Huang's cautious approach appears aimed at reducing risks and avoiding negative public attention amidst concerns over a potential "AI bubble." Michael Cusumano, a professor at MIT Sloan, criticized the cyclical nature of these investment announcements, suggesting that Nvidia's investments in OpenAI are often mirrored by the startup's purchases of Nvidia chips for equivalent amounts.
Despite the uncertainties, Nvidia maintains substantial investments in both OpenAI and Anthropic, which continue to leverage Nvidia's technologies. Reports from October 2025 indicated that OpenAI is preparing for a public offering, with a valuation anticipated to reach $1 trillion, and a filing expected in the latter half of 2026.
