Nvidia Cuts OpenAI Data Center Guarantee as Anthropic Growth Challenges AI Bubble Fears

Nvidia has cut its planned guarantee for OpenAI’s Ohio data center project from $250 billion to just under $120 billion after investors raised concerns about risk exposure. The reduced guarantee applies to the first construction phase, which would provide about five gigawatts of capacity.

OpenAI is separately negotiating a lease for the full 10-gigawatt project being developed by SB Energy, a SoftBank subsidiary. Nvidia is also in talks over separate financing for OpenAI chip purchases worth up to $350 billion.

The scaled-back guarantee gives AI bubble critics a concrete signal to point to: even Nvidia, one of the biggest beneficiaries of the AI boom, is facing pressure to limit exposure. For readers tracking AI infrastructure spending, the key takeaway is that investor scrutiny is now shaping the size and structure of major AI deals.

This does not prove a bubble by itself, but it shows that capital commitments around AI data centers are being tested more aggressively. The practical implication is clear: future AI infrastructure deals may face tougher questions about risk, financing, and demand.

Anthropic’s latest numbers complicate the cautionary narrative. The company’s revenue more than doubled in one quarter, rising from $4.73 billion in Q1 to over $11.5 billion in Q2, with a 14x increase year over year.

People familiar with Anthropic’s finances say the company projects roughly $190 billion to $200 billion in revenue for 2028. That compares with an annual run rate of about $45 billion the company shared in May, while Anthropic says it grew revenue by more than 10x in each of the three years leading up to early 2026.

Anthropic reportedly plans to go public at a valuation near $1 trillion in late September or early October, making its revenue trajectory central to the next phase of AI market scrutiny. At the same time, Ramp recently measured a slight flattening in demand for Anthropic tokens among its business customers.

The story now has two competing signals: Nvidia’s caution around a massive OpenAI infrastructure commitment and Anthropic’s rapid revenue expansion. Investors and AI buyers should watch whether infrastructure spending, enterprise demand, and public-market expectations continue to move in the same direction.