Nvidia may be closing the door on future investments in two of the biggest names in artificial intelligence.

CEO Jensen Huang said the company’s recent investments in OpenAI and Anthropic could be its last. Both AI firms are preparing for potential stock market listings this year.

Speaking at the Morgan Stanley Technology, Media and Telecom conference on Wednesday, Huang noted that the opportunity to invest $100 billion in OpenAI is likely off the table. The ChatGPT-maker is moving closer to an IPO. Nvidia has instead finalised a $30 billion investment in OpenAI. Huang described this as possibly the last chance to invest in a “consequential company” of that scale.

OpenAI is reportedly preparing for a public listing. This move could value it at up to $1 trillion, according to reports last year.

Huang also suggested that Nvidia’s $10 billion investment in Anthropic may be its final stake in the company. The startup is reportedly considering an IPO, though it has not confirmed a final decision.

Earlier this year, reports said Nvidia and OpenAI had scrapped their proposed $100 billion deal amid concerns about the health of the AI sector. Additionally, analysts had flagged risks around Nvidia investing heavily in companies that are also major buyers of its AI chips. This situation creates a circular financial arrangement.

OpenAI and Anthropic have not yet commented on the latest developments.

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