Nvidia CEO Jensen Huang, speaking at the Morgan Stanley Technology, Media and Telecom Conference in San Francisco on Wednesday, revealed that the chipmaker's $30 billion investment in OpenAI — part of a $110 billion funding round announced last Friday — could well be its final private-market stake in the AI startup. With OpenAI eyeing a public offering potentially by the end of 2026, Huang indicated that the company's structure would change the calculus for future investment.

"I think the opportunity to invest $100 billion in OpenAI is probably not in the cards — the reason for that is because they're going to go public. So this might be the last time we'll have the opportunity to invest in a consequential company like this." — Jensen Huang

The remarks brought closure to months of speculation and uncertainty about the scope of Nvidia's relationship with OpenAI. In September 2025, the two companies announced a letter of intent that envisioned Nvidia investing up to $100 billion in the AI startup tied to new data center deployments. However, an SEC filing in November disclosed that the deal had not been finalized, and subsequent reporting indicated the agreement had stalled amid internal doubts. The revised $30 billion investment, by contrast, is not contingent on infrastructure milestones, and was unveiled alongside a $50 billion commitment from Amazon and $30 billion from SoftBank.

Huang also noted that Nvidia's $10 billion investment in Anthropic was similarly expected to be its last in that company, as Anthropic is also preparing to go public. The disclosures underscore how Nvidia — which has emerged as a kind of "central bank of AI" by investing in the very companies that purchase its GPUs — is now beginning to pare back that model as its major AI customers mature toward public listings. Nvidia itself posted strong quarterly results, recording a 73% revenue increase and nearly doubling earnings per share year-over-year, cementing its position as one of the biggest financial winners of the AI boom.