Huang Says the $105 Billion OpenAI Deal Isn't Circular Financing
Yahoo Finance ·
Huang Says the $105 Billion OpenAI Deal Isn't Circular Financing Renato Neves, CFA Tue, August 18, 2026 at 10:46 AM EDT 1 min read NVDA This article first appeared on GuruFocus . Nvidia ( NASDAQ:NVDA ) agreed to spend as much as $105 billion supporting a data center campus in Pike County, Ohio, that OpenAI will lease, Bloomberg reported. Nvidia shares were down 1.93% premarket. The commitment covers the initial 4.25-gigawatt portion, with Nvidia able to take on further obligations for a second 3.75-gigawatt phase. Backing begins in phases from 2028 to 2030 and runs 20 years. OpenAI has contracted for up to roughly 8 gigawatts, with the first 800 megawatts due online by 2028, and says it starts paying only as capacity becomes available. Nvidia CEO Jensen Huang addressed the structure directly in a blog post , writing that "OpenAI will pay the lease" and that Nvidia secures inputs where it has visibility into demand. The concern he's answering is circular financing, where a supplier funds a customer that then buys its products. Nvidia had earlier discussed a guarantee of up to $250 billion for the lease. Nvidia is separately investing $1.5 billion in SB Energy, the SoftBank-backed developer building and operating the site. Combined OpenAI purchases could reach $600 billion of Nvidia revenue through 2030.
AI 시장 분석
NVIDIA has signed a funding agreement of up to $10.5 billion to support an Ohio data center campus, though some raise concerns over circular financing. CEO Jensen Huang dismissed concerns by explaining OpenAI's lease payment structure, but caution persists in the market with pre-market shares falling 1.93%. Investors should closely monitor the phased infrastructure deployment starting in 2028 and actual revenue realization.
상승 영향
- AI — The $10.5 billion data center collaboration between NVIDIA and OpenAI proves the sustainability of artificial intelligence infrastructure demand and the robustness of large-scale investments.
하락 영향
- Semiconductors — The structure where NVIDIA heavily supports the infrastructure of its customer OpenAI has raised concerns over circular financing and financial risks, triggering a short-term stock decline.
DYAX 전담 분석
NVIDIA's structure of injecting up to $10.5 billion to support OpenAI's data center has sparked controversy over circular financing, where a supplier funds its customer to sell products. While Jensen Huang clarified that OpenAI pays lease fees directly and that the investment secures demand visibility, market concerns over massive capital expenditures act as downward pressure on the stock in the short term.
The bullish scenario is that the initial 800-megawatt operation starting in 2028 will lead to up to $600 billion in revenue by 2030, and the bearish scenario is that sluggish demand and financial burdens will mount against the massive capital injection. Key indicators to watch are SB Energy's investment progress and the actual operating rate of the data center construction.
AI가 생성한 분석으로 투자 자문이 아닙니다.
DYAX Investor Sentiment
Bullish (Long) 45% · Bearish (Short) 55%
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