Nvidia stock rose on Monday. The chip maker was rallying on the back of heavy spending by large technology companies and could receive further help from ChatGPT-developer OpenAI.

Nvidia shares closed up 2.5% at $190.04.

The stock rose 7.9% on Friday, snapping a five-day losing streak. Hefty capital expenditure forecasts from Google-parent Alphabet and Amazon.com mean big U.S. tech companies are expected to top $650 billion in capex this year, with a large part going on AI infrastructure.

“The massive step-up in capex now expected in 2026 is likely to greatly benefit merchant accelerator providers like Nvidia,” wrote William Blair analyst Sebastien Naji in a research note.

Despite the gains, Nvidia shares are only slightly positive for the year so far amid several headwinds, including a rotation away from technology stocks, concerns about the sustainability of spending by ChatGPT-developer OpenAI, the rise of custom AI chips, and the rising costs of memory components.

However, at least one of those factors could ease shortly. D.A. Davidson analysts expect OpenAI’s planned fund-raising of up to $100 billion to lift stocks associated with the AI company.

“We expect that as investors go back to seeing OpenAI as a winner, the public companies in its orbit could re-rate significantly. Most importantly that should drive outperformance in Nvidia,” D.A. Davidson analyst Gil Luria wrote in a research note Monday.

Among other chip makers, Advanced Micro Devices gained 3.6% and Broadcom rose 3.3%. AMD and Broadcom also have supply deals with OpenAI.