The dynamic equilibrium model for a bulk nanobubble partly covered with hydrophobic material in water is theoretically and numerically studied. The gas diffusion into a bubble near the peripheral edge of the hydrophobic material on the bubble surface balances that out of the bubble from the other part of the uncovered bubble surface. In the present model, gas diffusion in quiescent liquid is assumed and there is no liquid flow. The total changes of energy and entropy are both zero as it is a kind of equilibrium state. The main origin of the dynamic equilibrium state is the gradient of chemical potential of gas near the peripheral edge of the hydrophobic material. It is caused by the permanent attractive potential of a hydrophobic material to gas molecules dissolved in liquid water as there is permanent repulsion of a hydrophobic material against liquid water. Thus, the gas supply will not terminate. It is numerically shown that stable nanobubble could be present when the fraction of surface coverage by hydrophobic material is from about 0.5 to 1. The stable size of a nanobubble changes with the liquid temperature as well as the degree of gas saturation of water. In slightly degassed water, not only a nanobubble but also a microbubble could be stable in mass balance when the fraction of surface coverage for a microbubble is on the order of 104 or less. For hydrophilic materials, however, a bubble could not be stable unless the fraction of the surface coverage is exactly 1. It is suggested that in many experiments of bulk nanobubbles there could be aggregates of nanobubbles.