NVIDIA Corporation (NVDA.US) has reduced its guarantee scale for OpenAI data centers by more than 50%.

According to media reports, NVIDIA Corporation (NVDA.US) has adjusted its support plan for the 10GW data center project of OpenAI in Ohio, USA. Informed sources revealed that both parties have redesigned the transaction structure. Under the revised plan, NVIDIA Corporation will provide financial guarantees only for the first phase of the 5GW project within the overall 10GW data center planning, instead of offering guarantees for the entire project as previously planned. As a result, the scale of financial guarantees provided by NVIDIA Corporation will decrease from $250 billion to no more than $120 billion, a reduction of more than 50%. Currently, NVIDIA Corporation and OpenAI are close to reaching a final agreement, which could be formally signed as early as this weekend. The reason behind this adjustment is investor concerns about NVIDIA Corporation's risk exposure: the company has enhanced market demand for AI chips by leveraging its balance sheet, and making such a large-scale financial commitment would correspondingly increase its risks. OpenAI's data center is being developed by SB Energy, a subsidiary of SoftBank, and is currently the largest single data center project announced to date. It is reported that the total chip procurement cost for this data center project reaches up to $350 billion. It is worth mentioning that this is not the first time NVIDIA Corporation has reduced its relevant investments/guarantees to OpenAI. In September last year, NVIDIA Corporation pledged to invest $100 billion in OpenAI, but cut the investment scale significantly to $30 billion in March this year. While the guarantee has been scaled back, on the other hand, NVIDIA Corporation is intensifying efforts to assetize its own GPUs. NVIDIA Corporation announced on August 10 that it is partnering with Apollo Global Management Inc., Blackstone Inc., BlackRock, Inc., , Goldman Sachs Group, Inc., and KKR to establish a computing power financing platform, aiming to attract over $500 billion in third-party capital. Jensen Huang stated that the agreement will create a new asset class based on chips, providing excellent investment opportunities for the $22 trillion private equity industry. He later added on social media that NVIDIA Corporation might, under certain circumstances, provide a backstop for up to 25% of the project's costs through a so-called "residual value support mechanism," with a total cap of approximately $125 billion. This article is reproduced from "Financial Alliance"; GMTEight editor: Yan Wencai.