The Nvidia movement to invest up to $ 100 billion in Operai at the same time that it plans to supply millions of its leading artificial intelligence chips in the market to the Chatgpt creator has little precedents in the technology industry.
According to the agreement, Nvidia will take a financial participation in one of its biggest clients, but without receiving any vote power in return, according to a person close to OpenAI. The Chatgpt manufacturer will receive some, but not almost all, from the capital he needs for his ambitious plans to build the extensive supercomputer necessary to develop new generations of AI.
The initial investment of $ 10 billion Nvidia would be allocated to a capacity gigawatio using its next -generation Vera Rubin chips, with a construction from the second half of 2026.
The agreement raises many questions. Here are five of the greatest:
Where does the rest of the money come from?
In a profit call in August, the CEO of Nvidia, Jensen Huang, said that the IA data centers cost around $ 50 billion per gigavatio of capacity to build, with approximately $ 35 billion of that money that is destined for the chips and the Nvidia team.
Nvidia has pledged to invest in Openai to help build 10 capacity gigawatts of the data center, or about $ 10 billion per Gigavatio. That leaves around $ 40 billion in additional capital required for each Gigavatio capacity to build OpenAi plans. Operai has not indicated whether he agrees with Huang cost estimates or, if he does, where he would acquire the additional funds.
Operai did not return a request for comments on his financing plans. Nvidia declined to comment beyond what he has said publicly.
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What does it mean for OpenAi efforts to become a profit?
OpenAI is a non -profit corporation, a structure that dates from its days as AI research group. He has been looking to change to a more conventional structure that would allow him to raise money more easily and celebrate a public offer.
Operai has maintained broad discussions with Microsoft, a great shareholder who financed OpenAi’s first computer needs, to change its structure. Earlier this month, the two companies said they had reached an tentative Operai agreement that becomes a corporation of profit for profit that would be supervised by the existing profit non -profit organization, although that movement still needs the approval of state officials in Delaware and California.
On Monday, a person familiar with the matter told Reuters that Nvidia would make an investment in cash in OpenAi similar to other Openai investors. In addition, the initial investment of $ 10 billion Nvidia will not begin until Operai and Nvidia reach a definitive agreement in the coming months.
It was not clear immediately if Nvidia planned to invest in the non -profit entity of OpenAI or if their plans depend on OpenAi’s conversion to a public benefit corporation supervised by a non -profit organization.
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What does it mean for OpenAi’s assessment?
Operai is currently valued at $ 500 billion, and a person familiar with the matter told Reuters that the initial investment of $ 10 billion from NVIDIA for a capacity gigavatio would be in that assessment.
But neither Nvidia nor Openai gave a period for the 10 complete capacity gigavales that are carried out online or for the $ 100 billion of investment. In addition, without response is whether subsequent investments of NVIDIA in OpenAi would be carried out in the current OpenAI assessment, or in the valuation of the company at the time Nvidia makes each investment.
What does it mean for competition?
The agreement between Nvidia and Openai could see Nvidia toar a significant number of their chips, which remain in a great demand for several years in the boom and access of AI and which can determine the success or failure in the field, to a single client in which she is also a shareholder.
An important question is whether Openai’s rivals, such as Anthrope, or even Microsoft, who compete with OpenAi to sell AI technology to companies, will keep access to Nvidia chips. The agreement also raises questions about whether AMD, which aims to compete with NVIDIA in the sale of chips to OpenAi and others, will have a viable possibility of selling chips to AI companies.
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What does it mean for Oracle?
Oracle said earlier this month that he has signed hundreds of billions of dollars in contracts to provide cloud computing services to OpenAi and a handful of other large clients, which sent his shares and turned the co -founder Larry Ellison into one of the richest people in the world.
But one of the key questions that persists after that forecast, and a question that the Moody’s debt qualification firm raised, is if OpenAi has the cash to pay the contracts.
On Monday, shortly before Nvidia’s announcement, Oracle reaffirmed her prognosis as she named two new CEO. It is possible that Nvidia investment plans can put Oracle’s income prognosis on a firmer base because a key client, OpenAi, has new capital commitments.
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