--- title: "Despite the \"controversy in perception,\" Bank of America: NVIDIA's \"USD 100 billion investment\" in OpenAI will earn 3-5 times profit" description: "Bank of America believes that NVIDIA's investment in OpenAI is a strategic equity investment aimed at securing OpenAI as a preferred partner and consolidating NVIDIA's dominance in the fields of AI co" type: "news" locale: "en" url: "https://longbridge.com/en/news/258430667.md" published_at: "2025-09-23T01:01:17.000Z" --- # Despite the "controversy in perception," Bank of America: NVIDIA's "USD 100 billion investment" in OpenAI will earn 3-5 times profit > Bank of America believes that NVIDIA's investment in OpenAI is a strategic equity investment aimed at securing OpenAI as a preferred partner and consolidating NVIDIA's dominance in the fields of AI computing and networking. This move is essentially a strategic deployment of the company's substantial free cash flow. Due to the lack of strategic fit and complex regulations in investing in other listed assets, investing in its own ecosystem has become the best option aside from cash returns Bank of America believes that NVIDIA's investment of $100 billion in OpenAI is expected to bring NVIDIA $300 billion to $500 billion in revenue in the future and ensure its competitive advantage in AI infrastructure construction. On September 22, according to Wall Street News, NVIDIA signed a letter of intent with OpenAI to establish a strategic partnership. NVIDIA will invest up to $100 billion in OpenAI, which will utilize NVIDIA's systems to build and deploy at least 10 gigawatts (GW) of AI data centers. According to Hard AI, Bank of America subsequently released a research report estimating that **this collaboration could create approximately $300 billion to $500 billion in cumulative revenue for NVIDIA in the future, while directly enhancing the competitive barriers against rivals such as Broadcom and AMD.** The research report pointed out that although this move may raise questions about "customer financing" in terms of "perception," **it is essentially a strategic equity investment aimed at locking in OpenAI as a preferred strategic partner, thereby further consolidating NVIDIA's absolute dominance in AI computing and networking.** ## Interpretation of the "customer financing" controversy, a strategic equity investment Making such a large-scale investment in a major customer raises external questions about accounting treatment and true intentions. However, Bank of America analysts clarified this issue. Their core assumption is that NVIDIA will view this investment as similar to other large equity investments (such as the investment in CoreWeave), while OpenAI will be regarded as a normal commercial customer. To help investors better understand the scale of this transaction, the report conducted a key comparative analysis. **Although the potential cumulative revenue of $300 billion to $500 billion sounds enormous, the report predicts that NVIDIA's total revenue during the calendar years 2026 to 2030 could be three times this figure.** From this perspective, OpenAI's share of NVIDIA's total sales will be between 15% and 25%. This is comparable to the share of several other large cloud customers of NVIDIA, meaning OpenAI will become another core major customer for NVIDIA, rather than a structurally "outlier." ## Not "funding customers," but a strategic deployment of free cash flow **Bank of America analysts further analyzed that this investment is essentially a strategic deployment of the company's substantial free cash flow (FCF).** The report predicts that based on NVIDIA's revenue scale of up to $200 billion and a free cash flow profit margin of 40%-50%, the company will generate hundreds of billions of dollars in free cash flow in the coming years. In the current environment, investing in other listed assets has become difficult due to a lack of strategic fit and cumbersome regulatory processes. Therefore, **besides returning cash to investors, the best option is to invest in its own ecosystem.** Bank of America believes that this ecosystem investment can bring multiple benefits: > - Expand the potential market size, creating several times the revenue for the future. > - Accelerate the time to market for new products. > - Gain political benefits, such as the recent investment in Intel. Therefore, the investment in OpenAI is not merely "funding," but a wise move by NVIDIA to actively shape and expand its future market using its strong cash generation capabilities ### Related Stocks - [NVDA.US - NVIDIA](https://longbridge.com/en/quote/NVDA.US.md) - [NVDL.US - GraniteShares 2x Long NVDA Daily ETF](https://longbridge.com/en/quote/NVDL.US.md) - [07788.HK - XL2CSOPNVDA](https://longbridge.com/en/quote/07788.HK.md) - [07388.HK - XI2CSOPNVDA](https://longbridge.com/en/quote/07388.HK.md) - [NVDY.US - YieldMax NVDA Option Income Strategy ETF](https://longbridge.com/en/quote/NVDY.US.md) - [NVDD.US - Direxion Daily NVDA Bear 1X ETF](https://longbridge.com/en/quote/NVDD.US.md) - [NVDX.US - T-Rex 2X Long NVIDIA Daily Target ETF](https://longbridge.com/en/quote/NVDX.US.md) - [NVDQ.US - T-Rex 2X Inverse NVIDIA Daily Target ETF](https://longbridge.com/en/quote/NVDQ.US.md) - [SOXL.US - Direxion Semicon Bull 3X](https://longbridge.com/en/quote/SOXL.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 传言成真？英伟达对 OpenAI 的 “1000 亿美元投资” 最终 “打了三折” | 据报道，英伟达正接近敲定对 OpenAI 最高 300 亿美元的股权投资，取代此前官宣的 1000 亿美元合作框架。原有协议因条款分歧与内部疑虑未能落地，黄仁勋亦曾强调其不具约束力。此次新融资轮规模或超 1000 亿美元，OpenAI 估值 | [Link](https://longbridge.com/en/news/276507066.md) | | 学习英伟达刺激芯片销售，AMD 为 “AI 云” 借款做担保 | AMD 为扩大市场份额祭出金融 “狠招”！为初创公司 Crusoe 的 3 亿美元购芯贷款提供担保，承诺在其无客户时 “兜底” 租用芯片。这一复刻英伟达 “租卡云” 路径的策略虽能短期推高销量，但也令 AMD 在 AI 需求放缓时面临更大的 | [Link](https://longbridge.com/en/news/276401504.md) | | Meta 加码英伟达：未来数年部署数百万颗芯片，首次采用 Grace CPU | 根据周二发布的声明，Meta 承诺将使用更多来自英伟达的 AI 处理器和网络设备。同时，Meta 还将首次在其独立计算机的核心部件采用英伟达的 Grace CPU。此次部署将涵盖基于英伟达当前 Blackwell 架构，以及即将推出的 Ve | [Link](https://longbridge.com/en/news/276177748.md) | | 黄仁勋预告 “前所未见” 的芯片新品，下一代 Feynman 架构或成焦点 | 黄仁勋预告今年的 GTC 大会上发布” 世界从未见过” 的全新芯片产品，分析认为新品可能涉及 Rubin 系列衍生产品或更具革命性的 Feynman 架构芯片，市场预期 Feynman 架构将针对推理场景进行深度优化。 | [Link](https://longbridge.com/en/news/276310964.md) | | 机构 “最超配” 闪迪，“最低配” 英伟达 | 据摩根士丹利最新的统计：“机构对美国大型科技股的低配程度是 17 年来最大的” 相比 2025 年 Q4 的标普 500 指数权重，“$NVDA 仍然是机构低配程度最大的大型科技股，其次是苹果、微软、亚马逊和博通，而存储巨头闪迪则是 “最超 | [Link](https://longbridge.com/en/news/276289765.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.