Appearing at the UBS Global Technology and AI Conference on Tuesday, Nvidia (NVDA) CFO Colette Kress said the tech giant’s deal with OpenAI (OPENAI) is not yet finalized.
“We still haven’t completed a definitive agreement, but we’re working with them,” Kress said in response to a question about the deal, according to Reuters. Nvidia disclosed in a securities filing last month that its deal with the ChatGPT maker had not yet closed.
Kress also noted the widely cited figure of $500B in orders for its Blackwell and Vera Rubin line of GPUs does not include its deal with OpenAI. Nvidia CEO Jensen Huang has previously said the $500B figure also does not include recent deals with Anthropic (ANTHRO) and others.
In addition to the OpenAI-related news, Kress said there were three major transitions going on in the technology space that are benefiting Nvidia: the transition from the tech stack relying on CPUs to GPUs; artificial intelligence and agentic AI and other trends, such as recommender engines. She also noted there will be another deal announced today that is not included in the $500B revenue figure that was cited at the most recent GTC event.
Kress also said the company is “very excited” about its line of Grace Blackwell products and that the competition is not catching up to Nvidia, amid reports that Google (GOOG) (GOOGL) could sell its tensor processing units externally.
Last week, Nvidia said it was “delighted” by Google’s success, and that it will continue to supply the search giant with its GPUs. However, the company added, it “is a generation ahead of the industry” and is the “only platform that runs every AI model and does it everywhere computing is done.”