Nvidia’s OpenAI deal adds to a brewing concern. But will that actually hurt the stock?

The Ratings Game

An analyst notes some investors are increasingly worried that Nvidia is investing in companies that then purchase its chips. But he also notes the demand landscape looks strong for now.

Last Updated: Sept. 23, 2025 at 7:34 p.m. ET
First Published: Sept. 23, 2025 at 9:20 a.m. ET

Nvidia Corp.’s new deal with OpenAI has been well received on Wall Street, with analysts’ estimates moving higher and the stock clinching a new record.

The company said on Monday that it would invest $100 billion in OpenAI, which will make use of 10 gigawatts of Nvidia NVDA systems. Admittedly, the details of the arrangement are still murky, with the companies declining to share specifics about how the ramp will be timed. That said, Evercore ISI analyst Mark Lipacis is boosting his Nvidia revenue estimates by $5.5 billion for the second half of calendar 2026.