# Nvidia Cuts the Ohio Guarantee Below $120B — Still Circular, Just Smaller

Times of AI Desk · 2026-08-14 · Work

[https://timesof.ai/2026/08/nvidia-openai-ohio-credit-guarantee](https://timesof.ai/2026/08/nvidia-openai-ohio-credit-guarantee)

> WSJ reported Nvidia is now expected to initially guarantee less than $120 billion — down from the $250 billion discussed in July — for OpenAI’s proposed 10-gigawatt Ohio data-center lease, with the two sides nearing a first-phase backstop. Talks, not a signed deal.

**Corrected October 14, 2026:** Removed a ~$100B figure attributed to The Information, whose report was not read; the headline and body now use the WSJ figure of under $120B for a first phase, confirmed through Reuters' syndicated report.

A **quarter-trillion** Nvidia wrap around one OpenAI campus was the circular-financing chart that rattled public-market investors. Cutting it to **under $120 billion** for a first phase is still enormous — and still Nvidia helping its largest customer finance the building that will buy more Nvidia.

**Nvidia** has **revised** the financial **backstop** it is negotiating for **OpenAI’s** proposed **~10 GW** data-center project in southern **Ohio** (Pike County in follow-on notes). The **Wall Street Journal**, via Reuters, said Nvidia is now expected to initially guarantee **less than $120 billion**, down from the **~$250 billion** discussed in a **July 26** WSJ exclusive, and that the companies are **nearing an agreement** covering only the **first phase**. **No lab primary** and **no signed deal**. Project cost including chips has been sketched **above $500 billion**.

## What changed vs July

| Date | Source | Claim |
|------|--------|-------|
| **Jul 26** | WSJ exclusive | Nvidia in talks to guarantee **~$250 billion** so OpenAI can lease a **10 GW** Ohio campus; total project **>$500 billion** including chips |
| **Aug 14** | WSJ via Reuters | Guarantee **cut to <$120 billion** initially; **first phase only**; sides **nearing** a deal |

This is the **August 14 scale-back / near-deal** update. It is separate from Nvidia’s Aug 10 $500 billion compute-financing MOUs.

## Limits

- Talks, not a close; dollar figures from people familiar, not 8-Ks.
- Chips vs lease backstop were already separated in July coverage.
- No lab primary confirmation on Aug 14.

## Sources

- [Reuters (syndicated copy): Nvidia scales back funding guarantee for Ohio OpenAI data center, WSJ reports](https://d2649.cms.socastsrm.com/2026/08/14/nvidia-scales-back-250-billion-openai-data-center-guarantee-wsj-reports/)
- [Reuters: Nvidia scales back funding guarantee for Ohio OpenAI data center, WSJ reports (August 14, 2026)](https://www.reuters.com/business/nvidia-scales-back-250-billion-openai-data-center-guarantee-wsj-reports-2026-08-14/)
- [WSJ: Nvidia in Talks With OpenAI to Guarantee $250 Billion Financing (July 26, 2026; updated in Aug 14 follow)](https://www.wsj.com/tech/ai/nvidia-in-talks-with-openai-to-guarantee-250-billion-financing-for-data-center-3dd6eae3)