Nvidia is preparing to guarantee less than $120 billion for OpenAI's planned data centre in Ohio, well down from the $250 billion previously discussed.
The chipmaker, whose processors underpin most of the world's artificial intelligence systems, will now backstop only the first phase of construction, according to the Wall Street Journal.
OpenAI, the company behind ChatGPT, is still negotiating a binding lease for the full 10-gigawatt project, which is being developed by SB Energy.
Reuters reported that a deal could be signed within days.
The reduced guarantee follows concerns from investors about the risk Nvidia carries when it makes large financing commitments tied to its own customers.
Such arrangements, in which a chip supplier effectively underwrites demand for its products, have drawn growing scrutiny as AI infrastructure deals have swelled in size.
Analysts see logic in Nvidia deepening ties with leading developers of frontier AI models, particularly if it can do so while limiting its own exposure.
The scaled-back commitment does not point to any wider slowdown, with data centre spending expected to remain strong over the next few years.
Nvidia has become central to the financing as well as the supply of the AI build-out, taking stakes and backing deals across the sector.
That position has amplified questions about circularity, where the company's revenue growth is supported by commitments it has helped to fund.
