Some of the biggest financial firms in the world are reportedly getting ready to pour half a trillion dollars into a deal with Nvidia for AI infrastructure buildout.
A consortium of Wall Street firms, including heavy hitters like Blackstone, BlackRock and Goldman Sachs, is working on a deal with Nvidia that would see the firms invest $500 billion in the AI industry, according to a Financial Times report citing six people briefed on the talks.
The details of the deal aren’t clear, but the FT along with reports from Bloomberg and Reuters all claim it could be announced as early as Monday.
Circular dealmaking worries return #
The report comes on the heels of renewed fears of both Nvidia’s alleged circular dealmaking and the eyewatering financial commitments the overall industry is making on the AI infrastructure buildout.
Late last month, Nvidia announced a $500 billion deal with South Korean chipmaker SK Hynix. Shortly after that news was made public, various reports claimed that Nvidia would also make a $250 billion deal with OpenAI to help the AI giant finance its massive, power-hungry 10-gigawatt data center project in southern Ohio, likely to be one of the largest data centers in the world when construction finishes in 2028. If that deal materializes, it would be one of Nvidia’s biggest financing deals with a customer, per Bloomberg. The $250 billion number would only cover the data center lease and debt, but the chipmaker is also reportedly discussing a separate $350 billion deal to finance AI chip purchases.
The back-to-back reports are reigniting fears that Nvidia is weaving a tangled and potentially dangerous web of deal in which a handful of companies with overlapping interests have inked several multibillion-dollar investments among each other, all with the two AI darlings at the center: Nvidia and OpenAI. The financial dependencies could skew demand, concentrate risks and signal instability, experts warn, because if one deal goes down, it could create a domino effect that some say could engulf the entire American economy.
Investment deals drawing more intense scrutiny #
These AI deals first came under intense public scrutiny after a high-profile $100 billion deal between OpenAI and Nvidia was announced in September 2025 (though the deal has failed to materialize and has reportedly been dropped).
Investors were also unnerved last month when some AI hyperscalers, which are also Nvidia’s largest clients and the major drivers of the AI buildout, reported considerable drops in cash flow in their earnings reports due to the hefty capital expenditures tied to AI infrastructure.
Meta’s free cash flow dropped almost $8 billion in one year, while Google’s free cash flow turned negative for the first time in the tech giant’s history.
Some fear this could be a sign of recklessness in the market as companies commit huge amounts of cash to building out AI for demand that might not materialize as expected. Nvidia’s future, meanwhile, depends in part on the financial health of these partners, since the chipmaker is the primary hardware supplier for their AI infrastructure buildout efforts.