Nvidia CEO Jensen Huang suggested the company’s recent funding of OpenAI and Anthropic could mark its final investments in the two AI giants. Huang made the remark during the Morgan Stanley Technology, Media and Telecom Conference, noting that potential public listings could close the window for further funding.

Nvidia already earns significant revenue from the advanced chips powering both companies’ AI systems. Demand for GPUs used in training large language models has surged, helping cement the dominance of Nvidia in the global AI hardware market.

Earlier stakes in OpenAI and Anthropic were part of Nvidia’s strategy to strengthen its AI ecosystem partnerships. These investments allowed the chipmaker to align closely with leading developers building large-scale artificial intelligence models.

Questions have also surfaced about the circular nature of some AI funding commitments. Technology analysts from MIT Sloan School of Management previously described parts of the investment cycle as unusually intertwined, particularly where chip purchases mirror funding commitments.

Nvidia’s relationship with Anthropic has drawn attention following criticism from Anthropic CEO Dario Amodei about global chip distribution policies. The debate reflects broader tension in the industry as governments examine the geopolitical impact of advanced AI processors.

The evolving landscape has also seen growing competition among AI platforms. Anthropic’s Claude assistant has recently gained visibility alongside rivals like ChatGPT, highlighting the increasingly competitive market for generative AI tools.

Analysts say Nvidia may now prefer to remain the neutral supplier of the infrastructure powering the AI boom rather than deepening equity stakes in competing platforms.