Jensen Huang says Nvidia is pulling back from OpenAI and Anthropic, but his explanation raises more questions than it answers

Nvidia CEO Jensen Huang stated at the Morgan Stanley TMT conference that his company's investments in OpenAI and Anthropic will likely be its last, citing IPO windows closing as the reason. However, the explanation is questioned given several complicating factors: circular investment logic (Nvidia investing in companies that buy its chips), Anthropic CEO Dario Amodei's public criticism of Nvidia's chip export practices, the Trump administration blacklisting Anthropic from federal use, and OpenAI's subsequent Pentagon deal. Nvidia's original $100 billion OpenAI pledge was ultimately reduced to $30 billion. The piece suggests Nvidia may be quietly exiting a politically and commercially entangled situation rather than simply following investment strategy.