The one that matters
OpenAI signs a 20-year, 10GW Ohio data center - and Nvidia guarantees up to $105B of it
The WSJ reports OpenAI locked in a 20-year lease at SB Energy's PORTS-Pike campus in Portsmouth, Ohio - 10GW of capacity. Nvidia invests $1.5B in the SoftBank-backed developer, takes exclusive rights to sell its chips into the campus, and agrees to cover up to $105B of first-phase obligations if OpenAI defaults and the site can't be re-let.
Why it matters
This is the circular AI economy in one filing: the chip vendor is now underwriting its biggest customer's landlord to keep the chips flowing. The structure follows July SEC guidance easing data-center securitizations - and it concentrates the downside squarely on Nvidia's balance sheet if AI demand ever slows.
