内容来源：https://techcrunch.com/2026/03/04/jensen-huang-says-nvidia-is-pulling-back-from-openai-and-anthropic-but-his-explanation-raises-more-questions-than-it-answers/

内容总结：

英伟达CEO黄仁勋近日在摩根士丹利科技、媒体与电信大会上表示，公司对OpenAI和Anthropic的最新投资很可能将是最后一批。他解释称，一旦这两家公司按预期在今年晚些时候上市，投资窗口便会关闭。

这一表态看似直接，却隐含多重考量。英伟达作为两家公司AI芯片的核心供应商，已通过硬件销售获得巨额利润，无需依赖追加投资来提升回报。公司发言人亦强调，其投资始终聚焦于"战略拓展生态圈范围"，早期入股已实现该目标。

然而，更深层的动态或许影响了这一决策。英伟达去年9月曾承诺向OpenAI投资高达1000亿美元，但最终落地规模仅300亿美元。黄仁勋坦言全额投资"可能性不大"，同时否认与OpenAI存在不和。但投资规模的收缩，部分源于此类交易的循环性——正如学者指出，英伟达投资OpenAI的资金很可能又通过芯片采购回流，形成"账面循环"。

与此同时，Anthropic与英伟达的关系更显微妙。该公司CEO曾公开将美国芯片企业向中方客户出售高端AI芯片比作"向朝鲜出售核武器"，而就在黄仁勋发表讲话前数日，Anthropic因拒绝将模型用于自主武器和大规模监控，被美国联邦机构列入采购黑名单。与之形成对比的是，OpenAI迅速与五角大楼达成合作。

如今英伟达持有的两家被投企业正走向截然不同的方向：一家与新近与国防部结盟，另一家则被官方列入黑名单。尽管黄仁勋以"IPO窗口关闭"解释投资终止，但考虑到晚期私募投资的实际运作模式，这一理由难以完全令人信服。更可能的情况是，英伟达正迅速抽身于一个急剧复杂化的局面。

中文翻译：

周三在旧金山市中心举行的摩根士丹利科技、媒体与电信会议上，英伟达首席执行官黄仁勋表示，公司近期对OpenAI和Anthropic的投资很可能将是最后两笔，并指出这两家公司预计将于今年晚些时候上市，届时投资窗口将随之关闭。

事情或许就这么简单。尽管企业有时会持续注资直至公司上市前夕以寻求更高回报，但英伟达通过向这两家公司销售算力芯片已赚得盆满钵满——实在没必要通过追加投资来提升收益。

英伟达方面并未过多阐述。在黄仁勋发表言论后，今日早些时候被问及评论时，公司发言人向TechCrunch提供了第四季度财报电话会议记录。黄仁勋在会议中表示，英伟达的所有投资都"非常明确地聚焦于战略性地拓展和深化生态系统影响力"，而早期对这两家公司的持股已基本实现了这一目标。

不过，其他一些动态或许也能解释这种投资收缩，包括这些安排本身的循环性质已引发对潜在泡沫的质疑。去年9月英伟达首次宣布将向OpenAI投资高达1000亿美元时，麻省理工斯隆管理学院教授迈克尔·库苏马诺向《金融时报》平淡地形容这"有点像资金空转"，他指出："英伟达向OpenAI股票投资1000亿美元，而OpenAI则表示将购买价值1000亿或更高额的英伟达芯片。"

这或许能解释承诺金额为何缩水。英伟达上周刚刚敲定的投资——作为OpenAI1100亿美元融资轮的一部分——实际金额为300亿美元，远低于最初承诺的1000亿美元。黄仁勋周三承认了这一点，表示全额投资"可能不会实现"。他同时驳斥了关于两家公司关系不和的猜测，称其"纯属无稽之谈"，尽管英伟达与Anthropic的关系本身就显得颇为紧张。

去年11月英伟达宣布向Anthropic投资100亿美元仅两个月后，其首席执行官达里奥·阿莫代伊在达沃斯论坛上发言，虽未直接点名英伟达，却将美国芯片公司向获批准的中国客户销售高性能AI处理器的行为比作"向朝鲜出售核武器"。（这比喻着实尖锐。）

事后看来，核武器的比喻还算轻描淡写。就在黄仁勋出席银行业会议前几天，特朗普政府将Anthropic列入黑名单，禁止联邦机构和军事承包商使用其技术，原因是该公司拒绝其模型被用于自主武器或大规模国内监控。

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就在这项禁令发布数小时内，OpenAI却与五角大楼达成了合作协议——这一举动被Anthropic斥为"欺世之举"，公众舆论也持类似看法。24小时内，Claude应用冲上苹果美国应用商店榜首，超越了ChatGPT。（根据Sensor Tower数据，1月底Anthropic的应用还排在百名开外。）

这让英伟达陷入尴尬境地：其持股的两家公司此刻正背道而驰——一家新近与国防部结盟，另一家却被列入国防黑名单。

考虑到英伟达复杂的合作网络，黄仁勋是否预见到这些情况已无从得知。但他周三对可能终止未来投资给出的理由——IPO窗口将关闭此类交易——与晚期私募投资的实际运作方式并不吻合。更可能的情况是，英伟达正在迅速抽身一个已变得异常复杂的局面。

英文来源：

At the Morgan Stanley Technology, Media and Telecom conference in downtown San Francisco Wednesday, Nvidia CEO Jensen Huang said his company’s recent investments in OpenAI and Anthropic are likely to be its last in both, saying that once they go public as anticipated later this year, the opportunity to invest closes.
It could be that simple. While firms sometimes pile into companies until practically the eve of their public debut in search of more upside, Nvidia is minting money selling the chips that power both companies — it’s not like it needs to goose its returns by pouring even more money into either one.
Nvidia, for its part, isn’t offering much elaboration. Asked for comment earlier today following Huang’s remarks, a spokesman pointed TechCrunch to a transcript from the company’s fourth-quarter earnings call, where Huang said all of Nvidia’s investments are “focused very squarely, strategically on expanding and deepening our ecosystem reach,” a goal its earlier stakes in both companies have arguably met.
Still, a few other dynamics might also explain the pullback, including the circular nature of these arrangements themselves, which have raised questions about a potential bubble. When Nvidia first announced it would invest up to $100 billion in OpenAI last September, MIT Sloan professor Michael Cusumano blandly described it to the Financial Times as “kind of a wash,” observing that “Nvidia is investing $100 billion in OpenAI stock, and OpenAI is saying they are going to buy $100 billion or more of Nvidia chips.”
That could explain why the commitment shrank. The investment Nvidia finalized just last week as part of OpenAI’s $110 billion round came in at $30 billion — well short of the $100 billion it had once pledged. On Wednesday, Huang acknowledged as much, saying investing the full amount is “probably not in the cards.” He has also dismissed suggestions of bad blood between the two companies as “nonsense,” though Nvidia’s relationship with Anthropic has looked fraught in its own right.
Just two months after Nvidia announced a $10 billion investment in November, Anthropic CEO Dario Amodei took the stage at Davos and, without naming Nvidia directly, compared the act of U.S. chip companies selling high-performance AI processors to approved Chinese customers to “selling nuclear weapons to North Korea.” (Ouch.)
In retrospect, a nuclear weapons comparison was the least of it. Just days before Huang appeared at the banking conference, the Trump administration blacklisted Anthropic, barring federal agencies and military contractors from using its tech after the company refused to allow its models to be used for autonomous weapons or mass domestic surveillance.
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Within hours of that announcement, OpenAI struck its own deal with the Pentagon — a move Anthropic has called “mendacious” and the public appears to have viewed similarly. Within 24 hours, Claude had shot to the top of Apple’s U.S. App Store, overtaking ChatGPT. (At the end of January, Anthropic was outside the top 100, according to Sensor Tower data.)
Where that leaves Nvidia is holding stakes in two companies that, at this particular moment, are pulling in very different directions — one newly aligned with the Defense Department, and the other blacklisted by it.
Whether Huang saw any of this coming, given Nvidia’s web of partnerships, is impossible to know. But his stated reason on Wednesday for likely pulling the plug on future investments — that the IPO window closes the door on this kind of deal — is hard to square with how late-stage private investing actually works. What’s looking more probable s that this is an exit from a situation that has gotten really complicated, really fast.