OpenAI, the global AI leader valued at $500 billion, has recently signed AI compute supply agreements worth hundreds of billions of dollars with major tech companies. These deals bring OpenAI closer to CEO Sam Altman’s ambitious $1.4 trillion AI infrastructure spending vision.

Key beneficiaries include NVIDIA (NVDA.US), the dominant AI chipmaker, and top-tier memory suppliers like SK Hynix, Samsung, and Micron, alongside enterprise storage leaders such as Western Digital, SanDisk, and Seagate. OpenAI’s recent contracts—ranging from the $500 billion "Stargate" AI supercomputing project to a newly secured Amazon AWS deal—highlight NVIDIA’s AI GPU clusters as the primary infrastructure backbone, followed by high-performance data center storage solutions. Other AI chip innovators and cloud providers are also sharing in this lucrative opportunity.

The latest agreement, announced Monday, involves a seven-year, $38 billion partnership with Amazon Web Services (AWS). OpenAI will gain access to hundreds of thousands of NVIDIA AI GPUs, including GB200 and GB300 clusters, scalable to "tens of millions" of CPUs to support generative AI and agentic inference workloads.

Earlier, OpenAI expanded its cloud compute deal with Microsoft (MSFT.US), adding $250 billion in Azure capacity while removing Microsoft’s priority access rights. OpenAI also partnered with Broadcom (AVGO.US) to co-develop 10-gigawatt custom AI ASIC clusters, with Arm (ARM.US) assisting in server CPU design.

A unique "equity-compute swap" with AMD (AMD.US) includes deploying 6-gigawatt AMD Instinct MI450 GPU clusters by late 2026. As part of the deal, OpenAI received warrants for up to 160 million AMD shares, potentially granting it a ~10% stake in the $400 billion chipmaker upon milestone achievements.

Beyond compute, OpenAI is forging partnerships with PayPal (PYPL.US) for ChatGPT-integrated digital wallets, Shopify (SHOP.US), Etsy (ETSY.US), Walmart (WMT.US), and Salesforce (CRM.US) for Slack AI tools. Thermo Fisher Scientific also plans to embed OpenAI’s APIs into its operations.

These moves precede OpenAI’s anticipated 2026–2027 IPO, which could value the ChatGPT creator at $1 trillion—second only to Saudi Aramco’s $1.7 trillion 2019 debut.

**NVIDIA and Storage Giants Dominate AI Infrastructure** OpenAI’s nearly $1 trillion in signed deals underscores NVIDIA’s GPU supremacy and the critical role of high-performance memory (HBM, DDR5, enterprise SSDs/HDDs). SK Hynix, Samsung, and Micron are riding an unprecedented "memory supercycle," with HBM demand driving record profits. Goldman Sachs projects HBM’s market size to surge from $2.3 billion in 2023 to $30.2 billion by 2026 (100% CAGR).

Enterprise storage firms like Seagate (STX.US), SanDisk (SNDK.US), and Western Digital (WDC.US) have seen triple-digit stock gains amid soaring AI data center demand. Morgan Stanley notes DDR5 and SSD shortages, with Samsung pausing October DDR5 contracts amid supply constraints.

**NVIDIA’s $5 Trillion Market Cap Just the Beginning?** Buoyed by CEO Jensen Huang’s bullish GTC announcements and tech giants’ AI spending pledges, NVIDIA’s valuation surpassed $5 trillion. Analysts now eye $8.5 trillion (Loop Capital’s $350/share target) as Blackwell and Rubin GPU architectures alone could generate $500 billion in data center revenue over five quarters—excluding networking, automotive, or China sales.

With AI compute demand surging and global infrastructure investments accelerating, NVIDIA, TSMC, Micron, SK Hynix, and storage leaders remain top picks for investors betting on the AI boom’s next phase.