OpenAI signs a seven-year, $38 billion deal with Amazon Web Services, one of its biggest moves away from Microsoft. The agreement, announced Monday, gives OpenAI immediate access to AWS infrastructure comprising hundreds of thousands of Nvidia GB200 and GB300 GPUs, with the ability to scale to tens of millions of CPUs for agentic workloads. All capacity is targeted to be deployed before the end of 2026, with options to expand into 2027 and beyond.

The deal follows OpenAI’s restructuring last week, after Microsoft’s preferential status expired under the companies’ revised terms. AWS will use existing data centers for the first phase and build additional capacity for OpenAI, which is a direct customer. Amazon stock closed 4% higher Monday, a record close. The stock is up 14% over the last two trading days.

OpenAI has been on a dealmaking spree of late, announcing roughly $1.4 trillion worth of buildout agreements with companies including Nvidia, Broadcom, Oracle and Google, while reaffirming a $250 billion commitment to Microsoft Azure. AWS, which has invested billions in rival Anthropic, gains a flagship AI customer. Some analysts continue to warn of an AI bubble.