Nvidia's promised investment in OpenAI has yet to materialize.

Two months ago, the GPU giant said that it would pump up to $100 billion into OpenAI, with the generative AI company in return claiming it will deploy at least 10 gigawatts of Nvidia hardware at its data centers.

However, the deal has not passed the letter of intent stage. Speaking Tuesday at the UBS Global Technology and AI Conference in Scottsdale, Nvidia EVP and CFO Colette Kress said the contract had yet to progress, in comments first reported by Fortune.

“We still haven’t completed a definitive agreement,” she said.

Nvidia CEO Jensen Huang previously called the deal “the biggest AI infrastructure project in history," with the 10GW contract potentially worth as much as $500bn for the company.

Nvidia’s latest 10-Q filing notes that “there is no assurance that any investment will be completed on expected terms, if at all.” This could include the OpenAI deal, as well as a promised $10bn investment in Anthropic, $5bn in Intel, and $2bn in Synopsys.

The unfinalized OpenAI deal is not included in Nvidia's $500bn data center GPU guidance for 2025-26, Kress said.

Currently, OpenAI's acquisition of GPUs is through cloud providers like Oracle and Microsoft. The company “does want to go direct,” she said. “But again, we’re still working on a definitive agreement.”