New York, Jan 31, 2026, 06:22 EST — Market closed
- NVIDIA Corp trades as an equity on the US market
- Nvidia ended Friday’s session down 0.72%, closing at $191.13.
- China is still wrapping up the conditions related to H200 chip approvals; the next sign will be the orders that follow.
- The next key event is Nvidia’s earnings report and conference call on Feb. 25.
Nvidia’s proposed $100 billion investment in OpenAI has hit a snag, according to the Wall Street Journal on Friday. Shares of the chip giant slipped 0.72%, closing at $191.13. U.S. traders now face fresh uncertainty around AI partnership deals as they head into Monday.
This is crucial for Nvidia since OpenAI serves as a key customer for the chips and systems powering AI model training and deployment. Changes in OpenAI’s spending or buying patterns could quickly alter forecasts for data-center demand, regardless of whether the hardware continues to ship.
Signs that Beijing might approve imports of Nvidia’s H200 chips have pushed China back into focus. Investors will balance this development with other factors as the company’s next earnings report approaches next month.
According to two sources familiar with the situation, China has granted DeepSeek conditional approval to purchase Nvidia’s H200 chips, though regulatory conditions are still being hammered out. Reuters also reported that separate approvals for ByteDance, Alibaba, and Tencent cover more than 400,000 chips, with the National Development and Reform Commission finalizing the terms. Requests for comment from China’s Ministry of Industry and Information Technology and Ministry of Commerce went unanswered.
Nvidia CEO Jensen Huang told reporters in Taipei that “The actual license for H200 is being finalised.” He added: “The first thing that we need is orders,” and said Nvidia would work with Taiwan Semiconductor Manufacturing Co to plan supply if the chip is approved for China. Reuters
The H200 ranks just beneath Nvidia’s top-tier chips and has taken on political significance as much as commercial. Traders are zeroing in on whether approvals will translate into actual purchase orders—and if shipments will start or face further delays.
Reuters reported that Nvidia’s ambitious plan to invest up to $100 billion in OpenAI has hit a snag amid internal skepticism, according to the Journal. Talks are now shifting toward a smaller equity stake worth tens of billions, Reuters added. Nvidia emphasized in an email, “We have been OpenAI’s preferred partner for the last 10 years.” The report also named Google and Anthropic as growing rivals in the race for OpenAI. Reuters
Wolfe Research took a more optimistic stance on Nvidia’s near-term data-center outlook, boosting its price target to $275 from $250, Investing.com reported. The firm highlighted strong demand for rack-scale systems — full server racks combining GPUs, networking, and software — along with firmer pricing. It also factored in higher average selling prices (ASPs) and improved gross margins in its long-term forecast.
Nvidia’s stock has become a barometer for whether customers will continue pouring money into AI infrastructure or begin tightening their grip on suppliers. Competitors like Advanced Micro Devices and Broadcom often follow these shifts, but Nvidia usually leads the way.
Still, the risks remain clear. China might impose strings that slow down orders or restrict chip usage, and any change in U.S.-China relations could slam the brakes once more. As for OpenAI, a reduced deal could keep chip demand high but would introduce yet another variable for investors to weigh.
Investors will focus on next week’s opening session for signs that Chinese buyers are starting to place H200 orders. They’ll also be looking for clarity on how Nvidia describes its ties to major AI clients and their funding rounds. The stock has grown jittery over subtle shifts in wording, even though the hardware outlook remains steady.
Nvidia is set to release its fourth-quarter and full-year earnings on Feb. 25, with a conference call scheduled for 2 p.m. PT (5 p.m. ET). CFO Colette Kress will provide written remarks ahead of the call.
