Why Are Nvidia Shares Lower Premarket? CEO Clarifies OpenAI Investment

Nvidia Corporation stock edged lower in premarket trading on February 2, 2026, following clarifying statements from CEO Jensen Huang regarding the company’s proposed investment in OpenAI. Speaking to reporters in Taipei, Huang emphasized that the previously announced $100 billion figure was never a binding commitment, but rather represented a maximum investment ceiling that Nvidia would approach incrementally on a case-by-case basis.

The clarification comes after reports suggested internal doubts at Nvidia about the arrangement, which some characterized as “vendor financing” that could create excessive dependence on a single customer.

Huang Pushes Back on Reports of Massive OpenAI Investment

During his remarks in Taipei, Huang made clear that Nvidia’s approach to the OpenAI investment would be measured and strategic. “It was never a commitment,” Huang told reporters. “They invited us to invest up to $100 billion and of course, we were very happy and honored that they invited us, but we will invest one step at a time.”

The original letter of intent, signed in September 2025, outlined plans to support OpenAI’s expansion of AI data centers with at least 10 gigawatts of power capacity, equivalent to New York City’s peak electricity demand, all equipped with Nvidia’s advanced chips.

The clarification addresses concerns that emerged after The Wall Street Journal reported the investment plan had stalled due to internal skepticism at Nvidia. Some employees and analysts worried about the “vendor financing” nature of the arrangement, where Nvidia would provide funding that OpenAI would then use to purchase Nvidia systems.

This structure raised questions about whether such heavy reliance on a single customer conflicted with Nvidia’s broader strategy of serving the entire AI market, including competitors like Google and Anthropic.

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Shares Slip Premarket as Investors Reassess Investment Risk

As of 4:48 AM EST on February 2, 2026, Nvidia shares traded at $187.74 in premarket activity, down $3.39 or 1.77% from the previous close of $191.13. The modest decline reflects investor concerns about the strategic implications of the OpenAI investment, though the stock has maintained strong performance over longer timeframes.

Nvidia closed the previous trading session down 0.72%, having traded in a range of $189.47 to $194.49 during regular hours on January 30, 2026.

Despite the premarket weakness, Nvidia’s fundamental position remains robust with a market capitalization of $4.653 trillion and strong analyst support maintaining a consensus “Strong Buy” rating with an average price target of $253.62.

The company’s strategic caution on the OpenAI investment highlights a broader industry trend toward measured, strategic deployment of capital in AI infrastructure rather than headline-grabbing commitments.

By maintaining flexibility across its customer base, Nvidia aims to preserve its dominant position supplying chips to multiple AI developers while carefully managing financial exposure to any single partner.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.