Nvidia Corp. (NVDA) shares dipped on Monday after reports emerged Friday suggesting the chipmaker's ambitious plans to invest up to $100 billion in OpenAI have hit a snag. But if you're expecting analysts to panic, you might be waiting a while.

The Deal That Maybe Wasn't Really a Deal

Here's what happened: The Wall Street Journal reported Friday that uncertainty surrounds a potential mega-deal between Nvidia and OpenAI. Back in September, the companies announced an agreement where Nvidia would help build at least 10 gigawatts of computing power for OpenAI and consider investing up to $100 billion. Sounds pretty solid, right?

Not so fast. According to people familiar with the matter, CEO Jensen Huang later told industry associates that the investment was non-binding and not finalized. He also apparently raised some eyebrows about OpenAI's business discipline and the growing competition from rivals like Google and Anthropic.

Over the weekend, Huang pushed back on claims that he was unhappy with OpenAI, calling such reports "nonsense." Still, he made it clear the investment wouldn't exceed $100 billion, CNBC reported Monday. So the deal is both happening and not happening, depending on how you squint at it.

For context, Nvidia stock has climbed 62% over the past 12 months, and the company became the first ever to top a $4.5 trillion market cap last October. A stumble on OpenAI news barely registers as a blip on that trajectory.

Wall Street Shrugs It Off

Analysts seem unfazed by the OpenAI uncertainty, staying bullish on Nvidia after CEO Jensen Huang's CES 2026 keynote showcased the company's next-generation AI products and long-term scaling roadmap.

Bank of America Securities analyst Vivek Arya said the announcements showed AI scaling remains on track, including the Vera Rubin platform featuring six new chips expected to launch in the second half of 2026. Arya called Nvidia a "top AI pick," citing its leadership in AI compute, networking, and systems, plus its broader ecosystem and strong product demand.

Rosenblatt analyst Kevin Cassidy said the CES updates reinforced that AI development remains in its early stages. He noted that demand for greater computing power continues rising as developers seek more capacity and better performance. Ongoing improvements in AI efficiency should help earnings growth keep pace with higher stock prices, he added.

NVDA Price Action: Nvidia shares were down 1.36% at $188.53 at the time of publication on Monday.