{
  "id": 2318896,
  "title": "Nvidia garantit 105 milliards sur le béton d'OpenAI en Ohio",
  "url": "https://urgent.news/2026/08/21/nvidia-garantit-105-milliards-sur-le-beton-dopenai-en-ohio",
  "topic": "ai",
  "section": "AI",
  "published": "2026-08-21T06:00:08.000Z",
  "source": {
    "name": "Dev.to",
    "slug": "dev-to",
    "url": "https://dev.to/thibault_monteiro/nvidia-garantit-105-milliards-sur-le-beton-dopenai-en-ohio-4pee"
  },
  "original_language": "fr",
  "account": "Nvidia pledges $105 billion for OpenAI's Ohio data center\n\nOpenAI has signed a 20-year lease with SB Energy, a subsidiary of SoftBank, for the PORTS-Pike campus in Ohio, which includes approximately 8 gigawatts of computing capacity. Nvidia is not covering any rent; instead, it guarantees the residual value of the buildings for the first tranche, 4.25 gigawatts, within $105 billion. In return, Nvidia becomes the exclusive supplier of chips for the first half of the site and invests $1.5 billion in SB Energy. The first 800 megawatts are set to start operating in 2028, with a construction period extending until 2032. Nvidia commits to covering up to $105 billion for data centers that OpenAI has recently leased in Ohio. However, Nvidia does not guarantee any rent; it assures the resale value of the concrete that it will fill with its own GPUs (graphics processing units that run AI models). A 20-year lease, six years of construction, and a hardware supplier backing the building. Nvidia only steps in at the end, and only for the resale. The assembly, as described by the American business press this week, follows a precise order. If OpenAI abandons the site, SB Energy must first find a replacement tenant. If not, it attempts to sell the installations. Nvidia only comes into play then, to fill the value gap, and only for the first tranche of 4.25 gigawatts of computing capacity. The distinction appears technical but involves two very different bets. Guaranteeing a rent is betting on OpenAI's solvency. Guaranteeing residual value, or what empty server halls are worth on the resale market, is betting that an empty server room will find a tenant in a market still standing in 2032. Google, meanwhile, chose the other path for Anthropic, guaranteeing rents on several data center leases, an exposure that Alphabet's quarterly report lists at $43.8 billion as of June 30. Nvidia is betting on the market, not the client. From $250 to $105 billion, the stock price has moved Nvidia's commitment has been reduced from an initial $250 billion guarantee on the entire project. After a 5% drop in Nvidia's stock price and pressure from investors, the commitment has been trimmed to below $120 billion, still mentioned just weeks ago. This $105 billion measure thus reflects both the market's tolerance and the value of the assets. The lease itself remains the responsibility of OpenAI and its lender. Nvidia, as the supplier, is betting on its own demand. The counterparty is massive. Nvidia becomes the exclusive chip supplier for the first half of the campus and injects $1.5 billion into SB Energy. Nvidia's CEO, Jensen Huang, is counting on around 1.5 million GPUs per generation of systems, generating $150 to $200 billion in revenue. Compared to these orders of magnitude, the maximum guarantee remains lower than the expected revenue from a single generation of hardware. Across all sites, Huang estimates OpenAI's commitments at about 12 gigawatts of computing by 2030; if the remaining 3.75 gigawatts in Ohio are added, the total climbs to 16 gigawatts, about $600 billion. Nvidia is guaranteeing the walls that will house its own chips. The focus has shifted to the land, power, and shell (LPS), for land, power, and shell. Huang summarized this shift with the acronym LPS, meaning land, power, and shell. According to him, these fundamentals have replaced GPUs and networking equipment as the main constraint in AI construction. The labs are growing faster than their balance sheets can support long-term infrastructure contracts. That's why an industrial guarantor has entered the scene. The timing brings the announcement down to earth. OpenAI claims 8 gigawatts of computing capacity, counting 10 gigawatts in total when including cooling and infrastructure. But only 800 megawatts are set to start operating in 2028, on a six-year construction period that extends to 2032. Only a tenth of the capacity will be operational in two years. The inference processing (the execution of already trained models, which responds to users) tension is not resolved by a press release. Three trillion dollars' worth of commitments by nine major technology groups, largely unrecorded in their balance sheets, are estimated by American business media. A lease is only the first payment, a buy order is only the delivery. Outstanding leases alone amount to $1,200 billion, four times larger than a year ago. At Alphabet, purchase commitments have risen from $332 to $811 billion in three months. Alphabet and Amazon have published a negative cash flow, and analysts at Morgan Stanley warn: the actual level of debt for these groups becomes very difficult to assess from the outside. OpenAI only pays for delivered capacity, which explains why this massive lease does not yet appear in its accounts. The cost of inference between 2028 and 2032 depends on the reliability of these arrangements as much as the progress of AI model architectures. If the chain stutters, the first variable to adjust will be the cost of inference (the unit of billing for models, roughly a fragment of a word), followed by access delays to reserved capacities. Two aspects of this dossier will be verified on the ground. SB Energy claims to take full responsibility for network reinforcements and new power lines.",
  "summary": "L'essentiel OpenAI a signé un bail de vingt ans avec SB Energy, filiale de SoftBank, pour le campus PORTS-Pike dans l'Ohio, soit environ 8 gigawatts de capacité informatique. Nvidia ne cautionne aucun loyer : il garantit la valeur résiduelle des bâtiments de la première tranche, 4,25 gigawatts, dans la limite de 105 milliards de dollars. En échange, Nvidia devient fournisseur exclusif de puces…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}