The success or failure of OpenAI's fundraising will determine the fate of the entire data center industry.

Whether OpenAI can successfully raise large-scale funds has become a key variable for the future direction of the data center sector. On December 19th, Wall Street saw reports that OpenAI is planning to raise up to $100 billion in a new round of financing, which is currently in the early stages. If OpenAI can successfully raise the full target amount of funds, its company valuation could reach as high as $830 billion. CNBC's Jim Cramer suggested on Friday that OpenAI should "strike while the iron is hot" and raise $200 billion in financing with a valuation of over a trillion dollars. He stated that this funding would allow the company to cover the funds needed for Oracle to build the data centers now. If this goal is achieved, other mega-scale computing companies will have to continue to invest in infrastructure for data center stocks to "take off." Despite a rebound in artificial intelligence stocks on Friday, with the Nasdaq rising 1.31%, the sector has been under pressure for the past few months. $300 billion commitment raises market concerns OpenAI's partnership with Oracle has garnered high market attention. The ChatGPT developer has pledged to pay Oracle more than $300 billion for data center construction. Cramer pointed out that Oracle issued $18 billion in bonds in September to support this partnership, making it one of the largest debt issuances in the tech industry's history. After this bond issuance, investors began to doubt OpenAI's ability to pay, putting pressure on the data center sector. Cramer was quite optimistic on Friday about OpenAI's ability to raise funds. However, he then pointed out that the company is "arrogant" and hinted that now might be a "humble moment" for the company or it might also "prove their arrogance is justified." Cramer suggested that even if OpenAI raises funds in stages, for example, raising $100 billion through private placement now and another $100 billion through a public offering next year, the data center theme can still remain vibrant. But if OpenAI fails to raise enough funds, the market will see a reversal. Cramer warned that "the entire data center industry will fall into a downturn and continue." Financing scale and timetable According to The Wall Street Journal on the 19th, OpenAI plans to complete the latest round of financing as soon as the end of the first quarter of next year. SoftBank Group has agreed to invest $30 billion in OpenAI. To finance this investment, SoftBank sold $5.8 billion worth of Nvidia shares last month. It is expected that by the end of this year, OpenAI will receive the remaining $22.5 billion in planned financing from SoftBank. In addition, OpenAI completed a series of transactions at the end of the year, including content licensing agreements and a $1 billion investment from Disney. According to sources cited by the media, given the scale of the financing, it is expected that OpenAI will recruit sovereign wealth funds to participate in the investment, as the company has previously received funding from the UAE investment company MGX. It is estimated that OpenAI will consume over $200 billion in cash by 2030. This article is an excerpt from "Wall Street News," written by Bai Yilong; GMTEight Editor: He Yucheng.