This article first appeared on GuruFocus.

Nvidia (NVDA, Financials) said that its agreement to invest up to $100 billion in OpenAI is still in negotiation, with Chief Financial Officer Colette Kress emphasizing that the companies have not finalized terms. Speaking at the UBS Global Technology and AI Conference, Kress said Nvidia is continuing discussions with OpenAI following the letter of intent announced in September.

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The proposed framework calls for deploying at least 10 gigawatts of Nvidia systemscapacity comparable to powering more than 8 million U.S. homes. OpenAI is one of Nvidia’s largest customers for advanced AI chips, alongside major cloud providers that represent a significant share of the company’s revenue.

Kress said Nvidia’s disclosed $500 billion in chip bookings through 2026 does not include potential orders tied to the OpenAI deal. Any finalized agreement would add to that backlog. Nvidia shares rose about 2.6% following the remarks.

The chipmaker has faced increasing scrutiny for investing in AI startups that also rely heavily on its hardware, raising concerns about circular deal structures amid a broader debate over an AI investment bubble. Nvidia recently committed up to $10 billion to OpenAI rival Anthropic, which Kress said could further expand its bookings.