Nvidia CFO Colette Kress stated at an industry conference the company’s plan to invest up to $100 billion in OpenAI has yet to be completed, but noted the parties were still working on a definitive agreement.

The partnership, announced in September, was designed to enable OpenAI to progressively build and deploy at least 10 gigawatts of AI data centres using Nvidia systems representing millions of GPUs.

“We still haven’t completed a definitive agreement, but we’re working with them,” Kress stated at yesterday’s (2 December) UBS Global Technology and AI Conference. “We believe we’ll continue working with OpenAI.”

She noted Nvidia has been a preferred partner for OpenAI for more than a decade.

Kress said on the company’s Q3 earnings call in November her company sees a $500 billion revenue opportunity for its advanced chips by end-2026.

“That half a trillion doesn’t include any of the work that we’re doing right now on the next part of the agreement with OpenAI,” she stated at the conference.

Kress also indicated she does not see a so-called AI investment bubble bursting anytime soon, highlighting Nvidia envisions $3 trillion to $4 trillion in global AI investments by the end of the decade.

“What we see is two to three different major transitions happening in the market,” she explained.

Kress said the economy is “in the early parts” of transitioning to the data centre infrastructure needed to power AI.

“There is also that transition that is going to be necessary for AI including what you need for accelerated computing and focusing on AI and agentic AI,” she said. “But keep in mind that it is only one part of what we see today and we’re going to see that continue to grow through the rest of the decade as well.”