Nvidia + OpenAI tie up

Nvidia and OpenAI are joining forces in one of the biggest AI infrastructure bets yet - a plan that could see up to $100 billion invested to build out the next generation of data centres. OpenAI will deploy at least 10 gigawatts of Nvidia systems to train and run its future models, with the first phase slated for 2026, and running on Nvidia's new Vera Rubin platform.

Nvidia will fund the rollout gradually as each gigawatt comes online, tying its fortunes even closer to OpenAI and, by extension, Microsoft, which remains OpenAI's most important partner.

And here's why we own Nvidia and Microsoft. Nvidia is the hardware kingpin supplying the chips and networking equipment, while Microsoft, OpenAI's majority shareholder, is uniquely positioned to capture the upside as those models get deployed across its software empire. Together, they're at the very centre of AI's most valuable ecosystem.