Jensen Huang Says Nvidia's $30 Billion Investment in OpenAI Was the Last One. Why?

In September 2025, Nvidia and OpenAI announced a partnership worth up to $100 billion to build data centers with at least 10 gigawatts of computing power. It was hailed as an unprecedented deal. Then came March 2026, and Jensen Huang calmly told a conference in San Francisco that the $100 billion was off the table – and that the $30 billion investment was likely the last one.

The reason? OpenAI is heading for an IPO by the end of the year. Once a company goes public, the window for private investment closes. Nvidia also invested $10 billion in Anthropic in November 2025 – but that too is unlikely to be repeated, as Anthropic is also eyeing a stock market listing.

But there's more to the story. Critics have pointed out that the original deal had a circular structure – Nvidia invests in OpenAI, OpenAI buys Nvidia chips. Hedge fund manager George Noble called it "borderline criminal", describing it as hidden vendor financing disguised as venture capital.

Meanwhile, Nvidia finds itself holding stakes in two companies pulling in completely opposite directions – OpenAI, which struck a deal with the Pentagon, and Anthropic, which was subsequently blacklisted by the Trump administration as a supply chain secur
ity risk.

In the end, Nvidia's business relationship with both AI giants continues – just without the billion-dollar capital injections. As Huang himself put it: "The revenue will come on its own."

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