ChatGPT-maker OpenAI signed a $38 billion deal Monday with Amazon’s AWS cloud computing arm, as the artificial intelligence company continues on a major partnership spree that has also included Oracle, Broadcom, AMD and chip-making juggernant Nvidia.

Under the seven-year agreement, OpenAI, which is partly owned by AWS’s archrival Microsoft, will gain access to computing resources including hundreds of thousands of state-of-the-art Nvidia GPUs, the crucial component of the generative artificial intelligence revolution.

The deal, which will grow over its multi-year term, will also give access to tens of millions of more conventional CPUs that will be used for the everyday deployment of so-called agentic AI.

“Scaling frontier AI requires massive, reliable compute,” said OpenAI co-founder and CEO Sam Altman in a joint statement. “Our partnership with AWS strengthens the broad compute ecosystem that will power this next era and bring advanced AI to everyone.”

OpenAI will immediately begin utilising AWS computing, with all capacity targeted to be used before the end of 2026, and the ability to expand further in the coming years.

By some estimates, OpenAI has inked approximately $1 trillion worth of infrastructure deals in 2025, including a $300 billion Oracle deal and a $500 billion Stargate project with Oracle and SoftBank.

The massive infrastructure spending comes as revenues in 2025 are expected to be in the tens of billions this year, a very high figure for a startup, but far from the amount needed to recoup the costs of computing needed to power OpenAI’s powerful chatbots.

The deal was the first one since OpenAI formalised its new structure, in which the company has a freer hand to move away from its non-profit origins and deliver profits for its investors.

The partnership with AWS builds on existing collaboration between the companies, with OpenAI’s more open-source models already available on Amazon servers.

Palantir Technologies forecast fourth-quarter revenue above analysts’ estimates on Monday, as the rapid adoption of artificial intelligence boosts demand for its data analytics services from businesses and governments.

Shares of the company gained about 2% in extended trading.

The defence contractor raised its annual sales target for the third time this year, amid strong sales for its services that ease the transition to the complex, data-intensive technology.

Palantir, co-founded by tech billionaire Peter Thiel, expects fourth-quarter sales of between $1.327 billion and $1.331 billion, compared with analysts’ average estimate of $1.19 billion, according to data compiled by LSEG.

The company also raised its annual sales forecast to a range of $4.396 billion to $4.40 billion, from its earlier expectations of between $4.142 billion and $4.15 billion.

Palantir last month announced a deal with Nvidia to use the AI chip leader’s processors and software to help its customers speed up decision making in complex fields.

It now expects sales to U.S. businesses to exceed $1.43 billion this year, up from the $1.30 billion it forecast earlier.

The results come at a crucial moment as big-ticket spending on AI expansion and sky-rocketing market valuations have sparked concerns of an “AI bubble”.

Palantir’s shares have more than doubled in value this year, outpacing the gains in the world’s most valuable firm – Nvidia – and the benchmark S&P 500 Index.

The stock trades at a whopping 12-month-forward price-to-earnings ratio of 246.2, compared with Wall Street darling Nvidia’s 33.3, according to LSEG data.

Palantir’s results have also been buoyed by expectations of increased defense spending on its military-grade AI tools.

The company, initially backed by the CIA, is benefiting from a shift in the Pentagon’s software-buying process towards commercial providers under U.S. President Donald Trump.

Palantir reported revenue of $1.18 billion for the quarter ended September 30, beating estimates of $1.09 billion. Adjusted per share earnings of 21 cents also beat estimates of 17 cents.

China has increased subsidies that cut energy bills by up to half for some of the country’s largest data centres, the Financial Times reported on Monday, citing people familiar with the matter.

Local governments have beefed up incentives to help Chinese tech giants such as ByteDance, Alibaba and Tencent, which have been hit with higher electricity costs following Beijing’s ban on purchasing Nvidia’s artificial intelligence chips, the newspaper reported.

Reuters could not immediately confirm the report.

Google owner Alphabet is tapping the U.S. dollar and euro debt markets in a multi-tranche senior unsecured notes offering.

The digital media and tech giant will use the proceeds from the note sale for general corporate purposes, including the potential repayment of a portion of its outstanding debt, according to a Monday report by Moody’s Ratings.

Alphabet last took out fresh debt in April, tapping the euro debt market for 6.75 billion euros ($7.87 billion) for the first time. Tech peer Oracle itself sought $18 billion in new debt in September, while Meta raised $30 billion in bonds last month.

Demand for cloud and artificial intelligence services from Alphabet and other tech conglomerates is on the rise.

“These corporations are saying they’re capacity constrained,” said Emile El Nems, senior credit officer at Moody’s Ratings. “Layer on top of that the potential demand that could be coming in from AI computing and you say to yourself there is something there,” he added, referring to an apparent trend of tech companies tapping the debt markets. Alphabet, Oracle and Meta are also less levered than their peers, he said.

Alphabet has maintained a leading market position through its array of digital services, most notably its Google search service where it has integrated its Gemini AI platform. The company also holds dominant market positions through its advertising and YouTube businesses.

A representative for Alphabet did not immediately return a request for comment.

Verizon announced a deal with Amazon Web Services on Monday to build high-capacity fiber routes connecting AWS data centers, aiming to strengthen infrastructure for the next generation of artificial intelligence applications.

The partnership underscores how cloud and telecom giants are racing to meet surging data and network demands from generative AI, which requires fast, secure and resilient connections to process massive workloads.

Under the Verizon AI Connect agreement, the telecom giant will construct long-haul, low-latency fiber pathways to enhance the performance and reliability of AI workloads running on AWS cloud. The companies did not disclose financial details of the deal.

Telecom operators are increasingly viewed as critical enablers of the emerging AI-driven economy, while cloud providers are reporting brisk growth driven by AI workloads.

Last week, the three major cloud providers, Microsoft, Amazon and Alphabet, reported accelerating revenue growth, driven by demand for generative AI. They all expect significantly stronger capital spending next year.

The new agreement deepens Verizon’s long-standing strategic relationship with AWS, which already includes joint work on private mobile edge computing and Verizon’s adoption of AWS as a preferred cloud provider.

Microsoft has struck a $9.7 billion deal with data-center operator IREN that includes access to Nvidia’s advanced chips, aiming to ease the computing crunch that has kept the tech giant from fully cashing in on the artificial intelligence boom.

The news sent shares of IREN up more than 20% in premarket trading on Monday. AI-server maker Dell rose 5% as it would provide IREN with Nvidia’s GB300 chips and other equipment Microsoft will use for about $5.8 billion.

The five-year deal shows the AI industry’s growing hunger for computing power to run applications such as ChatGPT. It follows earnings from major tech companies last week that underscored capacity shortages were limiting their ability to fully benefit from the boom.

Partnering with IREN would allow Microsoft to expand computing capacity without building new data centers or securing additional power – two of the biggest hurdles slowing its ability to meet surging AI demand.

It will also sidestep heavy capital spending on chips that will lose value as newer, more powerful processors arrive.

IREN, which has a market value of $16.52 billion after a more than six-fold surge in its shares this year, has multiple data centers across North America with a total capacity of 2,910 megawatts. Its facilities are powered fully by renewable energy.

IREN said the Nvidia processors are scheduled for phased deployment through 2026 at its 750-megawatt Childress, Texas, campus, alongside new liquid-cooled data centers designed to deliver about 200 megawatts of critical IT capacity.

Cash from Microsoft’s prepayment will help finance part of its $5.8 billion Dell deal, IREN said in a filing. Its Microsoft contract could be terminated if it fails to meet the delivery timelines.

Microsoft CFO Amy Hood said last week the company now expects its AI capacity crunch to stretch into at least mid-2026, after previously predicting they would improve later this year.

Warren Buffett has a message for people who generate or view AI-created impersonations of him. There’s only one Oracle of Omaha.

Berkshire Hathaway said on Thursday that videos using AI-generated images of its longtime chief executive are circulating on YouTube, featuring comments he never made.

The 95-year-old investor, known for his market instincts and long-held nickname “the Oracle of Omaha,” has increasingly become a target for AI impersonators.

While the visuals often mimic Buffett, Berkshire said the audio typically features flat, generic speech that “clearly” is not his voice.

In a press release titled “It’s Not Me,” the company highlighted one video, “Warren Buffett: The #1 Investment Tip For Everyone Over 50 (MUST WATCH),” in which an impersonated voice offers investment advice.

“Individuals who are less familiar with Mr. Buffett may believe these videos are real and be misled by the contents,” Berkshire said. “Mr. Buffett is concerned that these types of fraudulent videos are becoming a spreading virus.”

The rise of deepfake technology and AI-driven voice tools has made it easier to produce realistic forgeries of public figures, intensifying concerns over misinformation and reputational damage.

In May, the FBI reported that malicious actors had used AI-generated voice calls and text messages to impersonate senior U.S. officials in attempts to access government employees’ personal accounts.

Buffett has previously complained about people pretending to be him, including through increasingly convincing AI-based impersonations.

In October 2024, two weeks before the U.S. presidential election, Buffett warned of “fraudulent claims” that he had endorsed political candidates and investment products.

He has largely stepped back from political endorsements after supporting former President Barack Obama and Democratic candidate Hillary Clinton.

Buffett will step down as Berkshire’s chief executive at the end of the year and will be succeeded by Vice Chairman Greg Abel.

A consortium of around 20 banks is providing a project finance loan of about $18 billion to support the construction of a data center campus linked to Oracle in New Mexico, Bloomberg News reported on Friday.

Sumitomo Mitsui Banking Corp, BNP Paribas SA, Goldman Sachs Group, and Mitsubishi UFJ Financial Group are administrative agents on the deal, the report said, citing people with knowledge of the matter.

The four lead banks have enlisted other banks and will now sell the debt to additional banks and institutional investors through a retail syndication process, with commitments expected by late November, according to the report.

U.S. tech firms are ramping up investments in data centers to meet soaring demand for computing power, driven by increasingly complex artificial intelligence models such as OpenAI’s ChatGPT.

The New Mexico data center campus is part of the Stargate initiative, a $500 billion push to build AI infrastructure across the U.S., led by OpenAI, SoftBank Group and Oracle, the report said, adding that Oracle is expected to be a tenant at the new site.

Pricing is being discussed at 2.5 percentage points over the secured overnight financing rate and the loan is expected to carry a four-year maturity, with two one-year extension options, according to the report.

Goldman Sachs and Oracle declined to comment on the report, while the other lead banks did not immediately respond to Reuters’ requests for comment.

Nvidia CEO Jensen Huang said on Saturday the semiconductor giant’s business was growing strongly and it was experiencing “very strong demand” for its state-of-the-art Blackwell chips.

“Nvidia builds the GPU (graphics processing units), but we also build the CPU (central processing units), the networking, the switches, and so there are a lot of chips associated with Blackwell,” Huang told reporters at an event held by Nvidia’s longtime partner Taiwan Semiconductor Manufacturing Co in Hsinchu.

TSMC CEO C.C. Wei said Huang had “asked for wafers” but that the number was confidential.

Huang said on Friday there were “no active discussions” about selling Blackwell chips, Nvidia’s flagship artificial-intelligence chip, to China. The Trump administration has prevented such sales, saying they could aid the Chinese military and the country’s AI industry.

South Korea’s SK Hynix said last week it had sold out all its chip production for next year and planned to sharply boost investments, expecting an extended chip “super cycle” spurred by the AI boom.

Samsung Electronics also said last week it was in “close discussion” to supply its next-generation high-bandwidth memory chips, or HBM4, to Nvidia.

Meta Platforms on Friday said it will invest $600 billion in U.S. infrastructure and jobs over the next three years, including artificial intelligence data centers, as the social media giant races to build infrastructure to power its AI ambitions.

Meta has doubled down on AI, with a target of achieving superintelligence, a theoretical milestone where machines outthink humans.

It has pledged hundreds of billions of dollars to build several large AI data centers and plans bigger outlays to meet compute needs.

CEO Mark Zuckerberg told U.S. President Donald Trump that Meta will invest “at least $600 billion” in the U.S. over the next several years at a White House dinner in September.

Zuckerberg said Meta is building compute because “it’s the right strategy to aggressively front-load capacity so we’re prepared for the most optimistic cases,” on the company’s recent earnings call.

Meta has forecast “notably larger” capital expenses next year thanks to investments in artificial intelligence, including aggressively building data centers to power its AI push.

Last month, the social media giant sealed a $27 billion financing deal with Blue Owl Capital to fund its Louisiana data center, its biggest project globally.

Meta said in October it would invest $1.5 billion in a data center in Texas, breaking ground on its 29th such facility globally.