Two months after Nvidia and OpenAI unveiled their eyepopping plan to deploy at least 10 gigawatts of Nvidia systems—and up to $100 billion in investments—the chipmaker now admits the deal isn’t actually final.

Speaking Tuesday at UBS’s Global Technology and AI Conference in Scottsdale, Ariz., Nvidia EVP and CFO Colette Kress told investors that the much-hyped OpenAI partnership is still at the letter-of-intent stage.

“We still haven’t completed a definitive agreement,” Kress said when asked how much of the 10-gigawatt commitment is actually locked in.

That’s a striking clarification for a deal that Nvidia CEO Jensen Huang once called “the biggest AI infrastructure project in history.” Analysts had estimated that the deal could generate as much as $500 billion in revenue for the AI chipm

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