Nvidia Revises OpenAI Backstop and Reveals Its Investments
Nvidia has halved its previously promised $250 billion support for OpenAI, reducing it to less than $120 billion, following investor concerns about the guarantee’s value. This change was reported by The Wall Street Journal on August 14, 2026.
The OpenAI Project
OpenAI is negotiating a lease for a 10GW data center project, the largest of its kind, with SB Energy, a SoftBank subsidiary. The initial phase, set to be completed in 2028, will cost around $500 billion, including silicon costs.
Market Reaction and Shifting Promises
The initial $250 billion backstop, reported by The Wall Street Journal on July 27, caused Nvidia’s share price to drop by 5%. The guarantee’s size was reduced due to market pricing and investor skepticism.
The Agreement’s Components
It’s important to note that the backstop is not the entire deal. A separate financing agreement for OpenAI’s chip purchases could reach $350 billion. Goldman Sachs advises SB Energy, while Morgan Stanley assists Nvidia.
Nvidia’s Holdings
In its 13F filing on August 14, Nvidia disclosed its US equity holdings for the quarter ending June 30. SpaceX remains Nvidia’s second-largest position, with 122.8 million Class A shares valued at approximately $21 billion. Intel is the largest holding, worth about $30 billion, a significant gain attributed to Intel’s recent performance.
Disputes and Differences
CNBC and Bloomberg differ in their interpretation of the 13F filing regarding the source of Nvidia’s SpaceX shares.
In summary, Nvidia’s decision to halve its OpenAI backstop reflects investor dynamics, and the company’s investment portfolio reveals significant stakes in tech giants like SpaceX and Intel.