Morning Highlights: Nvidia to invest $30 billion in OpenAI, gold at $5000, oil at highs

Nvidia is close to investing up to $30 billion in OpenAI at the startup's valuation of $730 billion - the new deal will replace the previous $100 billion framework agreement, which was never legally formalized, and will be part of OpenAI's funding round worth over $100 billion. Oil is holding near six-month highs after US President Donald Trump's ultimatum to Iran and America's largest military build-up in the Middle East since 2003. These and other topics are in our review of key events for the morning of February 20.

Nvidia is close to finalizing a $30 billion investment in OpenAI as part of a $100 billion-plus round with a startup valuation of $730 billion excluding new funds, the Financial Times (FT) reports. This is also reported by CNBC, citing a source.

This deal will replace the announced in September 2025, a multi-year agreement between Nvidia and OpenAI for $100 billion, which was never legally formalized, the FT points out. The new format involves a direct equity investment in OpenAI, and the funds raised will be used, among other things, to purchase Nvidia equipment and expand computing capacity.

SoftBank ($30 billion), Amazon (up to $50 billion), as well as MGX and Microsoft are also expected to invest in the round. OpenAI plans to spend up to $600 billion on computing infrastructure through 2030, expecting to lock in access to chips and power amid soaring demand for AI. The company's annual revenue at current rates has already topped $20 billion, the FT writes.

Oil has stabilized near six-month highs, with Brent trading around $72 a barrel and WTI at around $67 after rising more than 6% in two days, Bloomberg reports. Donald Trump said he is giving Iran a maximum of 10-15 days to reach a nuclear deal, amid the largest U.S. military build-up in the Middle East since 2003.

The market fears supply disruptions, especially if Tehran closes the Strait of Hormuz, the agency points out. In total, Iran produces more than 3 million barrels per day (about 3% of global production), and intensification of the conflict may push prices even higher and hit the cost of gasoline in the U.S. before the midterm elections, the agency notes.

U.S. imports from China in December 2025 fell nearly 44% year-over-year to $21.1 billion, amid Donald Trump's tariff policies and a realignment of trade flows, Bloomberg reports.

At the same time, shipments from Taiwan more than doubled to $24.7 billion, helped by the global boom in artificial intelligence and growing demand for technology products, the agency said.

Gold stabilized around $5,000 an ounce after rising more than 2% in two days as markets assess geopolitical risks in the Middle East, Bloomberg writes. Donald Trump has given Iran 10-15 days for nuclear talks amid the largest U.S. military presence in the region since 2003. At the same time, the metal is heading for a moderate weekly decline, and further dynamics will depend on the Fed's rate trajectory.

The market remains volatile after the recent collapse in gold prices from a record $5595 to $4400 in two days. Major banks expect a resumption of growth in the second half of the year, pointing to steady demand from central banks and investors' withdrawal from bonds. Prices may also be supported by production cuts: Newmont, the world's largest gold miner, forecasts a decline in production of about 10% this year.

- Japan's broad Topix index was down 1.08% in Feb. 20 trading, while the Nikkei 225 was down 1.1%.

- Hong Kong's Hang Seng index was down 0.61%. Shanghai Stock Exchange and Shenzhen Stock Exchange are closed due to holidays.

- In South Korea, the Kospi index rose 2.29%, while the Kosdaq fell 0.6%.

- Australia's S&P/ASX 200 was little changed.

- S&P 500 futures were up 0.31%, Nasdaq Composite futures were up 0.36%; Dow Jones Industrial Average exchange-traded contracts were up 0.19%.

This article was AI-translated and verified by a human editor