Nvidia CEO signals end to OpenAI, Anthropic investments

Jensen Huang, Nvidia CEO, said at a Morgan Stanley conference that the chipmaker’s recent investments in OpenAI and Anthropic may be its last as OpenAI prepared for an IPO and Anthropic had reportedly considered going public but had not finalized a decision.

Nvidia and OpenAI announced a US$100 billion deal in September 2025, but Nvidia finalized a US$30 billion investment instead, Huang said.

Huang added Nvidia’s US$10 billion investment in Anthropic would likely be the last such deal.

Reuters reported OpenAI was preparing an IPO that could value it at up to US$1 trillion, and the Financial Times said Nvidia and OpenAI abandoned the US$100 billion arrangement amid doubts about the AI sector.

Some analysts raised concerns the proposed US$100 billion plan risked creating a circular investment where Nvidia would be a major investor in a large customer and funds could be spent on Nvidia processors.

Reuters said Anthropic had not finalized an IPO decision and was involved in a dispute with the Pentagon.

🔗 Source: Reuters

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Nvidia’s $30 billion OpenAI investment reshaped a larger plan

Nvidia and OpenAI agreed to a $100 billion deal in September 2025, yet Nvidia later settled on a $30 billion investment, Jensen Huang said.
Reuters wrote that OpenAI was preparing an IPO that could value it at up to $1 trillion, while the Financial Times said Nvidia and OpenAI dropped the $100 billion arrangement amid doubts about the AI sector.
Some analysts warned the $100 billion proposal could create a “circular investment” where Nvidia backs a large customer and that money then goes toward Nvidia processors.

Customer stakes can keep chip demand steady and draw regulators

Huang said Nvidia’s $10 billion investment in Anthropic would likely be the last deal of that kind.
Investments in customers such as OpenAI and Anthropic can tie partners more tightly to Nvidia chips, which may deepen the “circular investment” worry and attract regulator scrutiny.