Nvidia CEO Jensen Huang rejected the "circular financing" label for Nvidia's backing of OpenAI's Ohio data-center buildout, saying OpenAI will pay its own lease. Huang pegs Nvidia's broader OpenAI opportunity at roughly $600 billion in compute through 2030, while a separate ramp of Nvidia's Vera Rubin platform is lifting power-chip suppliers Wolfspeed, STMicroelectronics, and onsemi.
Nvidia CEO Jensen Huang pushed back Monday on claims that Nvidia's support of OpenAI's Ohio AI buildout amounts to circular financing. According to Huang: "No. OpenAI will pay the lease." OpenAI's broader infrastructure plans could represent roughly $600 billion in Nvidia compute through 2030.
Nvidia backs a 20-year Ohio campus
SB Energy, the SoftBank-backed developer behind the project, will build, own and operate the physical infrastructure at PORTS-Pike, and Nvidia is investing $1.5 billion in the company. OpenAI has agreed to secure about 8 GW of compute capacity at the campus, with Nvidia's credit support covering the initial 4.25 GW and an option to extend to the remaining 3.75 GW. The Wall Street Journal reported that Nvidia had initially considered guaranteeing OpenAI's full commitments upfront, potentially around $250 billion, before the structure was scaled back amid investor concerns over Nvidia's risk exposure.
Huang frames the deal as securing supply
Huang described Nvidia's role as securing scarce infrastructure rather than financing demand. If OpenAI leaves the site, SB Energy would first seek another tenant, with Nvidia covering any remaining loss in value up to $105 billion, according to the Journal. Nvidia also agreed in February to invest $30 billion in OpenAI. Polymarket traders currently give OpenAI about a 20% chance of completing an IPO this year.
Why Huang sees a $600 billion opportunity
OpenAI's existing and planned Nvidia deployments total about 12 GW of compute, potentially rising to 16 GW if Nvidia expands its Ohio commitment. Huang estimates each hardware generation at the site could involve about 1.5 million Nvidia GPUs and generate $150 billion to $200 billion in revenue across the 20-year campus.
Vera Rubin ramp lifts the power-chip supply chain
Nvidia's Vera Rubin platform, its successor to Blackwell, entered full production ramp on May 31, pairing Rubin GPUs with Vera CPUs. The platform's 800VDC power architecture is driving demand for silicon-carbide power chips, and Wolfspeed, STMicroelectronics, and onsemi all surged on Monday as investors mapped out suppliers in the Vera Rubin ecosystem.
Sources: Benzinga Prediction Markets, Crypto Briefing
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