Jensen Huang Said Nvidia's $30 Billion OpenAI Investment Might Be the Last. Nvidia Just Guaranteed Up to $105 Billion of OpenAI's Leases.

NVDA has pledged up to $105 billion in residual value guarantees to back OpenAI's data center leases in Ohio, marking a sharp strategic shift from direct equity stakes to credit support. The guarantees activate only if OpenAI defaults on its leases and can terminate once OpenAI secures a satisfactory credit rating.

The move represents a pivot from CEO Jensen Huang's March comments when he suggested NVDA's $30 billion equity investment in OpenAI might be the last. Instead of additional share purchases, NVDA is now leveraging its balance sheet to support OpenAI's infrastructure buildout without diluting its ownership position or deploying more cash upfront.

The structure limits NVDA's downside exposure—obligations trigger solely upon default—while maintaining strategic alignment with OpenAI's expansion. The early termination clause tied to OpenAI's credit rating provides an exit mechanism as the AI company matures financially.

This financing approach lets NVDA deepen its relationship with a key customer and AI partner while keeping capital available for other uses. The Ohio data centers will likely run on NVDA GPUs, creating indirect revenue beyond the financial guarantee itself.