Source: The Wall Street Journal (paywall)
Nvidia is underwriting OpenAI's data center buildout in exchange for chip commitments—a bet that ties Nvidia's margins directly to OpenAI's ability to monetize compute. The deal signals Nvidia sees near-term returns that Wall Street hasn't priced in. For commerce platforms, the result is concentration: SoftBank builds, Nvidia guarantees, OpenAI consumes. API costs and availability become structural moats for early-scale applications that can lock in cheap compute now.