10:49 AM EDT, 09/23/2025 (MT Newswires) -- Nvidia's ( NVDA ) planned $100 billion investment in OpenAI could generate between $300 billion and $500 billion in revenue over time, BofA Securities analysts said in a note Monday.

The chipmaker said Monday it signed a letter of intent to form an artificial intelligence infrastructure partnership with the Microsoft ( MSFT )-backed (MSFT) company, aimed at building at least 10 gigawatts of AI data centers.

BofA said that on the surface level, Nvidia's ( NVDA ) preferential treatment of OpenAI could raise competitive risks for other vendors, including Broadcom ( AVGO ) and Advanced Micro Devices ( AMD ) .

Analysts said the optics of such a large deal raise accounting questions, but expect Nvidia ( NVDA ) to treat the investment like any other sizable equity investment, with OpenAI viewed as any other commercial customer.

BofA reiterated a buy rating on Nvidia ( NVDA ) stock and a price target of $235.

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