Nvidia Shares Face Pressure Amid Partnership Speculation

Nvidia's stock is experiencing a period of volatility, driven by persistent market rumors. Reports suggesting a potential delay in a planned $100 billion infrastructure deal with its key partner, OpenAI, have unsettled investors. As share prices react to the uncertainty, the chief executives of both companies have made public statements aiming to quell speculation of a rift.

The immediate focus for shareholders is likely to shift from rumors to verifiable financial performance. Nvidia is scheduled to release its fourth-quarter earnings on February 25, 2026. Wall Street analysts are forecasting revenue of approximately $65.5 billion. This upcoming report is viewed as a key indicator of whether the company's operational strength can alleviate recent investor concerns.

The rumors emerged within an already jittery market environment. Amid a broader sell-off in technology stocks that also pulled the Nasdaq into negative territory, Nvidia shares declined. Over a seven-day period, the stock recorded a loss of roughly 8.5%, with its current trading price around $175.

CEOs Dismiss Reports of Strained Relations

The source of the market unease is a report published earlier this week by the Wall Street Journal. It indicated that a mega-project announced in September 2025—involving OpenAI building infrastructure with a power requirement of 10 gigawatts—may have stalled. The report cited internal doubts at Nvidia regarding OpenAI's business model as a potential cause.

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Nvidia CEO Jensen Huang firmly rejected this narrative in an interview on Tuesday, stating there is "no drama" between the two firms and that collaboration is proceeding as planned. OpenAI CEO Sam Altman also responded on the platform X, calling the reports "madness." He emphasized that OpenAI hopes to remain a "gigantic customer" of Nvidia for a very long time to come.

Strategic Diversification Draws Investor Scrutiny

Despite these denials, the investment community is closely monitoring the dynamic between the two technology leaders. Their partnership spans a decade, with OpenAI utilizing Nvidia's first AI system as far back as 2016. Recently, however, both sides have explored avenues beyond their exclusive relationship.

OpenAI has sought collaboration with other chip developers, including AMD and Broadcom. Concurrently, Nvidia invested about $10 billion in OpenAI competitor Anthropic in November 2025. This strategic diversification is interpreted by some market observers as a sign of a cooling in the previously tight-knit alliance, even though OpenAI stresses that its computing capabilities remain fundamentally reliant on Nvidia's GPUs.