In premarket trading on Monday, Nvidia’s shares fell by approximately 1.8% following a Wall Street Journal report indicating uncertainty around the company’s previously announced plan to invest up to $100 billion into OpenAI. The deal, first disclosed in September with a non-binding letter of intent, included a commitment to build at least 10 gigawatts of AI computing power for the startup. Company insiders told the WSJ that executives have expressed doubts about the scope and timing of the investment, triggering increased volatility in Nvidia’s stock and prompting some investors to reassess near-term valuation multiples.

In response to the report, Nvidia CEO Jensen Huang clarified that the $100 billion figure represents an upper limit rather than a firm commitment, emphasizing that the company intends to fund projects in stages. According to a Bloomberg account of Huang’s comments in Taipei, he praised OpenAI as “one of the most consequential companies of our time” while criticizing what he characterizes as a lack of strategic discipline in its business approach. Huang also cited competitive pressures from Alphabet and Anthropic as factors influencing Nvidia’s phased investment strategy. For investors, these comments underscore both the potential for further capital deployment into AI infrastructure and the risk that any delay or down-sizing of the agreement could weigh on Nvidia’s growth projections for its Data Center segment, which accounted for nearly 70% of the company’s $57 billion revenue in its most recent quarter.