OpenAI struck a $38 billion, seven-year cloud deal with Amazon, expanding the computing muscle behind technologies like ChatGPT. The move follows a newly renegotiated pact with Microsoft that lifts past purchasing restrictions and comes amid separate agreements with Oracle, SoftBank, the United Arab Emirates and chipmakers Nvidia, AMD and Broadcom to build data centers and secure hardware. As OpenAI and tech giants accelerate spending, some analysts and historians warn of a potential bubble in costly, still-maturing A.I. — and note that OpenAI, despite billions in annual revenue, remains unprofitable.

Prepared by Christopher Adams and reviewed by editorial team.