Reports say Nvidia’s $100 billion OpenAI deal is on ice, but Huang pushes back

A $100 billion investment is the sort of number that usually ends an argument, not starts one. However, over the past two days, the biggest OpenAI story for Nvidia has changed.

The $100B plan is reportedly stalled

The initial reports indicated that Nvidia's plan to invest up to $100 billion in OpenAI is now stalled due to internal reservations, with discussions focusing on a smaller equity stake in the “tens of billions.” The original $100 billion plan was said to be non-binding, and reports suggest the hesitation comes from concerns about OpenAI’s business discipline and increasing competition from rivals.

The denial: Huang says Nvidia will “absolutely” be involved

Following the “stalled” narrative, Jensen Huang came out to deny that he was unhappy with OpenAI. Speaking in Taipei, he stated that Nvidia will “absolutely” be involved in the current fundraising round. He called the investment “huge,” possibly the biggest Nvidia has ever made, but emphasized it would be “nothing like” $100 billion.

This creates a much clearer line: the relationship is not ending, but the size and terms of the commitment are being adjusted in public.

What changed between “up to $100B” and “tens of billions”

That pushback lands right after reporting that Nvidia’s earlier $100B plan has stalled and talks are shifting toward a smaller investment. The relationship can still remain strong while the headline number gets corrected.

Because Nvidia isn’t just a backer in the AI race, it’s the supplier to the entire field. When an “investment” becomes that large, it can start to resemble a commitment of scarce capacity and priority. That’s a harder promise to make when your other biggest customers are also competing in the same race.

Even “tens of billions” would still be an extraordinary check, which is why the revision is meaningful. The story is moving from a number to a blueprint of who gets supply influence, what access is guaranteed, and what obligations get written into the next phase of OpenAI’s buildout.

For context, The Wall Street Journal reported in December that OpenAI is seeking a $100 billion funding round, while this week Nvidia, Amazon, Microsoft, and SoftBank are in talks about potential investments with OpenAI that are close to $60 billion.