Nvidia is investing $1.5 billion in SoftBank-backed SB Energy, securing up to 8 gigawatts of AI computing capacity at an Ohio data center campus being built for OpenAI. The deal extends a $1 billion SB Energy funding round from January and fits a broader pattern of Nvidia financing the same customers that buy its chips, alongside deals like the reported $250 billion OpenAI backstop talks. SB Energy and SoftBank also plan at least 10 gigawatts of new power generation and $4.2 billion in Ohio grid infrastructure. EU regulators are reportedly watching the growing concentration of circular financing between Nvidia and OpenAI, and Nvidia's credit default swaps have hit records amid the widening web of commitments.
