Amazon in talks to invest upward of $10 billion in OpenAI at a valuation of more than $500 billion, per reports

Amazon is in discussions to invest in OpenAI, according to multiple reports.

The e-commerce and cloud computing giant could put $10 billion or more toward an equity position in the ChatGPT maker at a valuation of more than $500 billion, as first reported by The Information. The two sides are discussing having OpenAI use Amazon’s Trainium chips, and other potential collaborations in e-commerce as a part of this deal, the reports say.

Marvell Technology, which has been involved in the design process for Trainium and told JPMorgan analysts that it’s secured purchase orders for all of calendar year 2026 for these chips, is up about 3% in the premarket session.

What may potentially complicate or limit the extent of any partnership between OpenAI and Amazon is that Microsoft retains Azure API exclusivity for OpenAI’s models for now, thereby curbing Amazon Web Services’ ability to provide that access to its customers. However, non-API products can be served through any cloud company, and OpenAI is able to train models using Amazon’s computing power, based on the terms of its amended agreement with Microsoft announced in October.

Amazon has also invested in Anthropic, the maker of Claude.

CoreWeave and Oracle, two OpenAI-linked stocks that have gotten shellacked lately, were also up about 2% and 1.2%, respectively, in premarket trading.

The thinking here: OpenAI burns a lot of cash, and money is fungible. The privately held company getting its hands on more cash is presumably good news for all its vendors.

However, those gains evaporated and turned to losses after the Financial Times reported that Oracle’s data center partner, Blue Owl, will not fund a planned $10 billion facility in Michigan.