NVIDIA Reduces $250 Billion Guarantee for OpenAI Data Center
NVIDIA is reportedly reducing its original plan to provide a $250 billion guarantee for the OpenAI data center.
The revised plan will lower the guarantee to less than $120 billion, only covering the first phase of the 10-gigawatt project in Ohio.
The adjustment aims to address investor concerns about NVIDIA's risk exposure, as the company is leveraging its balance sheet to support its AI chip demand.
The two parties are close to reaching an agreement, which could be signed as early as this weekend.
The project is being developed by SoftBank's energy subsidiary, with total costs potentially exceeding $500 billion, and up to $350 billion in chip financing arrangements under discussion.
From a market mechanism perspective, the reduction in guarantees alleviates concerns about excessive leverage among chip giants, directing funds towards more prudent infrastructure financing structures, and leading to a repricing of event-driven AI data center transactions, with high exposure commitments under pressure and a phased guarantee model benefiting.
Supplementary data shows that NVIDIA has previously made significant investments in OpenAI.
Source: Public Information
ABAB AI Insight
As a leader in AI chips, NVIDIA has previously supported customer expansion through investments and financing to secure demand, showing a historical shift from pure sales to deep involvement in downstream infrastructure.
On the capital path, the company has adjusted its full guarantee to phased coverage, motivated by the need to balance growth with balance sheet risk, strategically calming investors by reducing initial exposure while maintaining project progress.
Similar cases can be seen where other tech giants provide financing endorsements for customers, as the current AI infrastructure is in a phase of massive construction alongside risk management.
The structural judgment indicates capital concentration: as chip suppliers directly intervene in customer financing, this deepens the financialization of the computing power supply chain, forcing the market to focus on cyclical financing risks, with pricing power shifting from chip shipments to guarantees and capital allocation capabilities.
ABAB News · Cognitive Law
- Full guarantees can easily trigger investor backlash.
- Phased endorsements reduce risk exposure.
- Chip manufacturers are deeply embedding into customer financing.