New York, Feb 2, 2026, 09:32 EST — Regular session.
- Nvidia shares dipped in early trading as investors grappled with new doubts over its planned OpenAI investment.
- After a commodities sell-off, risk appetite was already fragile as investors braced for a packed week of U.S. earnings and jobs reports.
- Attention shifts to OpenAI’s funding discussions and Nvidia’s quarterly earnings set for Feb. 25.
Nvidia (NVDA.O) shares dipped in early Monday trading, adding to premarket declines after reports surfaced that the chipmaker’s plan to invest up to $100 billion in OpenAI faced pushback. The stock fell roughly 0.7% to $191.13.
The timing couldn’t be worse for a market already jittery about hefty AI investments. “There’s a ripple effect … in stocks,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors, as traders hunt for fresh leadership following last week’s cross-asset shakeup. Reuters
That sensitivity reemerged Monday following Oracle’s announcement of plans to raise $45 billion to $50 billion this year, aiming to boost cloud capacity for clients like Nvidia and OpenAI. “The perception is that Oracle’s fortunes are now heavily tied to OpenAI,” noted Russ Mould, investment director at AJ Bell. Reuters
The Wall Street Journal reported Friday that Nvidia’s plan to invest in OpenAI has hit a snag after internal concerns surfaced. Both parties are reportedly reconsidering the partnership, including a potential equity stake worth “tens of billions” in OpenAI’s current funding round. Nvidia responded by calling itself OpenAI’s “preferred partner” for the past decade and expressed eagerness to keep the collaboration going. Reuters
OpenAI aims to raise as much as $100 billion, valuing the company around $830 billion, according to Reuters. The Journal added that Nvidia’s CEO privately emphasized the initial $100 billion figure was non-binding—a preliminary letter, not a finalized deal—and highlighted worries about competitive pressure OpenAI faces from other players.
Jensen Huang, speaking in Taipei on Sunday, tried to temper enthusiasm over the $100 billion figure. “It was never a commitment,” he said, referring to that number, and stressed that Nvidia plans to approach any investment “one step at a time.” Bloomberg
For Nvidia investors, it’s not just the size of the cheque that matters but what it reveals about demand channels. OpenAI serves as both a key client and a gauge for the pace of AI growth—and how much of that growth relies on increasingly hefty capital raises.
Investors are also eyeing a closer date. Nvidia announced last week it will report its fourth-quarter and full-year fiscal 2026 results on Feb. 25, following the quarter’s close on Jan. 25.
Traders are gearing up for a batch of big-tech earnings and insights from companies linked to the AI supply chain. AMD’s report later this week will offer a glimpse into data-center demand, with Alphabet and Amazon’s results closely eyed for any changes in their spending strategies.
The downside is clear-cut. Should risk aversion intensify—whether due to policy uncertainty, tighter funding conditions, or a wider retreat in AI-related capital spending—Nvidia’s premium valuation could amplify losses sharply on days when sentiment shifts.
Markets now turn to this week’s U.S. labor data, with Friday’s Feb. 6 jobs report taking center stage. Nvidia’s earnings on Feb. 25 will follow, offering a clearer view of orders, supply chains, and demand trends.
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