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Nvidia Loses Top Valuation as $750 B AI Deals Unfold

7/28/2026

23 3 Full Breakdown

Summary

Story summary

Nvidia is discussing a $250 billion guarantee to help OpenAI lease a 10-GW data center in Ohio.
Nvidia and SK Group announced a $500 billion partnership to build 2 GW of AI data centers, with first opening next year.
Nvidia shares fell 4% to $196.51, losing its title as the world’s most valuable company to Apple.
Nvidia’s five-year CDS rose to 0.82 percentage point and critics warned the circular-financing model could create systemic risk.

History

Historical Context

Amazon introduced its first cloud services—S3 in March 2006 and EC2 in August 2006—sparking rapid growth that lifted AWS revenue to $46 billion by 2020. In 2024 Nvidia pledged large-scale funding for OpenAI’s Ohio AI data center, echoing the capital-intensive model pioneered by AWS and raising similar global regulatory antitrust concerns.

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Story summary

Nvidia is discussing a $250 billion guarantee to help OpenAI lease a 10-GW data center in Ohio.
Nvidia and SK Group announced a $500 billion partnership to build 2 GW of AI data centers, with first opening next year.
Nvidia shares fell 4% to $196.51, losing its title as the world’s most valuable company to Apple.
Nvidia’s five-year CDS rose to 0.82 percentage point and critics warned the circular-financing model could create systemic risk.

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