According to market reports, Amazon is discussing a potential investment of around $10 billion in OpenAI, a deal that could value the company above $500 billion and strengthen AWS’s position in the AI infrastructure race. A parallel agreement may allow OpenAI to use Amazon’s custom AI chips.

Amazon’s interest in generative AI is not new. The company has already invested at least $8 billion in Anthropic and continues to promote its Inferentia and Trainium chips to meet growing compute demand. A partnership with OpenAI could accelerate AWS capacity utilization and enhance Amazon’s appeal to enterprise clients.

Financially, Amazon remains solid. In Q3 2025, revenue rose to $180.2 billion (+13% YoY), while AWS grew 20% YoY to $33 billion, its strongest pace in several quarters. However, free cash flow declined due to heavy capital spending on data centers and infrastructure.

Wall Street remains broadly optimistic, with AMZN holding a “Strong Buy” consensus rating. If talks with OpenAI materialize and demand for cloud AI infrastructure continues to accelerate, this could become a key catalyst for AWS growth expectations and a re-rating of Amazon shares.