Nvidia CEO denies rift with OpenAI as software, asset stocks plunge

Major U.S. indexes fall amid concerns over AI's impact on software companies and private credit markets

Feb. 3, 2026 at 8:55pm

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Nvidia CEO Jensen Huang told CNBC's Jim Cramer that there is "no drama" between Nvidia and OpenAI, despite reports of their $100 billion investment deal being "on ice." Meanwhile, software and asset management stocks plunged, dragging down the major U.S. indexes. The tech-heavy Nasdaq Composite slumped 1.43%, with investors factoring in the potential impact of artificial intelligence on companies like ServiceNow and Salesforce.

Why it matters

The performance of Nvidia and other tech companies is closely watched as indicators of the broader market and economy. The concerns over AI's impact on software firms and private credit markets highlight the far-reaching implications of technological advancements.

The details

Advanced Micro Devices reported strong Q4 earnings but its stock fell over 8% due to disappointing guidance. Nvidia CEO Huang denied any issues with OpenAI, despite reports of their investment deal being paused. The S&P 500 lost 0.84% and the Nasdaq Composite slid 1.43%, dragged down by software and asset management stocks. Investors are concerned that AI could diminish the value of companies like ServiceNow and Salesforce.

  • Nvidia CEO Huang spoke to CNBC's Jim Cramer on Tuesday.
  • AMD reported Q4 earnings after the bell on Tuesday.
  • The S&P 500 and Nasdaq Composite fell on Tuesday.

The players

Nvidia

An American multinational technology company that designs graphics processing units (GPUs) for the gaming and professional markets, as well as system on a chip units (SoCs) for the mobile computing and automotive market.

OpenAI

An artificial intelligence research company founded in 2015 with the goal of developing safe and beneficial artificial general intelligence (AGI).

Advanced Micro Devices (AMD)

An American multinational semiconductor company that develops computer processors and related technologies for business and consumer markets.

Jensen Huang

The co-founder and CEO of Nvidia.

Jim Cramer

An American television personality and host of CNBC's Mad Money.

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What they’re saying

“Everything's on track”

— Jensen Huang, CEO, Nvidia (CNBC)

“There's no drama involved”

— Jensen Huang, CEO, Nvidia (CNBC)

What’s next

Investors will be closely watching for any further developments in the relationship between Nvidia and OpenAI, as well as the performance of software and asset management stocks in the coming days and weeks.

The takeaway

The plunge in software and asset management stocks, driven by concerns over the impact of AI, underscores the far-reaching implications of technological advancements and the need for companies to adapt to stay competitive in an evolving market landscape.