Strategic equity stakes (Intel, OpenAI, Anthropic)
NVIDIA has said the OpenAI and Anthropic stakes may be its last equity commitments before those companies' IPOs. Gains and losses on these stakes can move reported earnings.
The numbers
Intel share purchase$5.0 billion (about 214.7 million shares at $23.28)Closed December 26, 2025 · Joint custom data center and PC products
OpenAI investment$30 billion, finalized in a $110 billion funding round (reported)2026
Anthropic commitmentUp to $10 billion (announced November 2025; Microsoft up to $5 billion)November 2025
What it is
Minority stakes NVIDIA holds in customers and partners, including Intel, OpenAI and Anthropic. They tie NVIDIA's own financing to its customers' compute demand.
Why it matters to the stock. Equity stakes in customers can support demand, but they also link NVIDIA's results to the valuation and funding of those companies. The market is pricing this circular-financing risk.
News
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