❗️Nvidia is reportedly replacing an unfinished, nonbinding $100bn multi-year deal with OpenAI by putting up to $30bn into OpenAI equity as part of a much bigger fundraise.

The revised arrangement is an equity investment for OpenAI stock, rather than the earlier framework that linked Nvidia’s staged funding to OpenAI’s ramping chip purchases and build-out milestones.

The old shape looked circular to investors, since OpenAI could raise money from suppliers and then route that money back to those same suppliers through hardware purchases.

OpenAI is expected to reinvest much of the new capital