In the same week that Microsoft plummeted after spending billions without a clear return, Nvidia (the "owner" of the chips) decided to freeze the $100 billion check for OpenAI.

In other words: The "shovel" salesman stopped selling on credit because he thinks the "prospector" (Sam Altman) is digging aimlessly.

Is the era of the "blank check" over in Silicon Valley? Understand the collapse of the business!

2- Jensen's "freeze"

In September, the companies announced the industry's most ambitious plan: Nvidia would invest up to $100 billion to build 10 gigawatts of infrastructure, and OpenAI would lease the chips.

Now, according to the WSJ, Jensen Huang has privately stated that the original agreement was not binding and downplayed the chance of it being finalized on its initial terms.

The negotiation did not progress beyond the initial stages.

3- Criticism of Management (Altman in the Crosshairs)

Nvidia's CEO has expressed concern about what he calls a "lack of discipline" in OpenAI's business approach.

Sam Altman's style—announcing trillion-dollar deals and being "flashy" before finalizing the details—seems to have bothered his partner.

Altman even committed the startup to $1.4 trillion in computing costs (100x the company's revenue).

4- The Competition Factor

Nvidia is not blind. Huang explicitly cited the threat from Google and Anthropic.

The detail: Nvidia already invested US$10 billion in Anthropic in November.

It is diversifying its bets so as not to be held hostage by a single player that is losing market share to Gemini and Claude.

5- Connecting the Dots (The IPO Problem)

This sheds light on the "random" headline from 48 hours ago: OpenAI is racing to accelerate its IPO.

It's no coincidence.

With Nvidia's $100 billion check frozen, Altman needs urgent capital.

The goal now is to go public before Anthropic.

The "race" for the IPO isn't just about growth; it's about fearing the loss of Nvidia's unwavering support.

6- Renegotiation (Equity)

The physical infrastructure plan is being rethought. Now, discussions revolve around an equity investment of "tens of billions."

This is a strategic retreat by Nvidia: it ceases to be the "guarantor" of the trillion-dollar infrastructure and becomes merely a traditional financial investor.

7- Nvidia's Dilemma

Despite the setback, Huang remains pragmatic.

OpenAI is still one of its biggest clients.

If it goes bankrupt or migrates to its own/rival chips (like the Amazon Trainium used by Anthropic or Google's TPU), Nvidia loses.

The game is to keep OpenAI alive, but on a "short leash".

8- If OpenAI was counting on this money to maintain its leadership, the red alert signal has just gone off in Silicon Valley.

This is a risk reassessment for the entire stock market. If the OpenAI bubble deflates, who pays the bill?