Nvidia is cutting its financial backing for OpenAI's data center project nearly in half to $120 billion (from $250 billion originally) after investor pushback over risk exposure.
The pullback has fueled concerns about an AI industry bubble, but Anthropic's explosive financial results—revenue jumping to over $11.5 billion in Q2 and projected to reach $190 billion–$200 billion in 2028—suggest demand for advanced AI services remains strong despite the cautious mood.
What happened
Nvidia is reducing its financial guarantee for OpenAI's data center project from the originally planned $250 billion to just under $120 billion, covering the first construction phase (about five gigawatts of capacity). Investor concerns about Nvidia's risk exposure drove the cutback, while OpenAI separately negotiates a lease for the full 10-gigawatt project and Nvidia talks separate financing for up to $350 billion in chip purchases.
Why it matters
The scaled-back guarantee signals caution even among the biggest beneficiaries of the AI boom, giving ammunition to critics warning of an AI bubble. Conversely, Anthropic's financials push the opposite narrative: the company's revenue more than doubled from $4.73 billion in Q1 to over $11.5 billion in Q2 (a 14x year-over-year increase), and projects $190 billion to $200 billion in annual revenue for 2028—suggesting sustained, strong demand for proprietary AI services amid competition and political headwinds.
What to watch
Anthropic reportedly plans to go public at a valuation near $1 trillion in late September or early October. A financial services firm (Ramp) recently measured a slight flattening in demand for Anthropic tokens among business customers, a metric worth monitoring against the company's growth projections.
Nvidia and OpenAI have substantially restructured their data center partnership following investor pressure. Instead of the originally envisioned $250 billion guarantee, Nvidia will initially commit just under $120 billion to cover the first construction phase, which will deliver approximately five gigawatts of capacity. The Wall Street Journal first reported the reduction, citing investor concerns about Nvidia's exposure to the project risk. OpenAI is separately negotiating a lease agreement for the full 10-gigawatt facility being developed by SB Energy, a SoftBank subsidiary. Additionally, Nvidia is in talks over separate financing to support OpenAI's chip purchases, potentially worth up to $350 billion.
The scaled-back guarantee has been read by some observers as validation of bubble concerns: if even the leading beneficiaries of AI infrastructure spending are pulling back, it may signal that confidence in long-term demand is softening. However, Anthropic's financial results present a countervailing narrative. The company posted revenue of over $11.5 billion in Q2, compared with $4.73 billion in Q1—a 14x increase year over year according to Reuters. People familiar with Anthropic's finances say the company is projecting roughly $190 billion to $200 billion in annual revenue for 2028, a figure far exceeding the $45 billion annual run rate Anthropic shared in May. The company grew revenue by more than 10x in each of the three years preceding early 2026. These numbers suggest that demand for proprietary AI services continues to climb even amid political headwinds and competition from China. Anthropic is reportedly planning to go public near a $1 trillion valuation in late September or early October. One caveat: Ramp, a financial services firm, recently recorded a slight flattening in demand for Anthropic tokens among its business customers—a potential early indicator that growth may be moderating, though the company's published revenue figures have not yet reflected a slowdown.
Nvidia's decision to halve its guarantee reflects mounting investor scrutiny of mega-scale AI infrastructure spending, even as the company and its partners pursue unprecedented data center buildouts. The original $250 billion commitment represented an extraordinary concentration of risk on a single project; the reduction to just under $120 billion suggests that Wall Street is demanding more conservative exposure despite the obvious strategic importance of securing capacity for OpenAI. The guarantee covers only the initial phase, with OpenAI and Nvidia pursuing separate financing for the full scope—a structure that may indicate risk-sharing across multiple parties rather than a single actor bearing the full downside.
Anthropric's financial trajectory, by contrast, suggests the investment community's caution is not uniform across all AI bets. A 14x year-over-year revenue jump and projections of $190 billion–$200 billion in 2028 revenue indicate that proprietary AI services are capturing real, durable demand. That growth rate—more than 10x annually in each of the three years leading up to early 2026—outpaces typical venture-scale software growth and points to a market expanding faster than skeptics anticipated. The slight flattening in token demand among Ramp's business customers is a note of caution, but it has not yet translated into a revenue deceleration in the company's public filings.
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