So let’s get this straight: OpenAI is now taking a 10% stake in AMD, while Nvidia is investing $100 billion in OpenAI; and OpenAI also counts Microsoft as one of its major shareholders, but Microsoft is also a major customer of AI cloud computing company CoreWeave, which is another company in which Nvidia holds a significant equity stake; and by the way, Microsoft accounted for almost 20% of Nvidia’s revenue on an annualized basis, as of Nvidia’s 2025 fiscal fourth quarter. In less than three years, OpenAI has gone from a parlor game to a pillar of the global economy.
You cannot help but ask, “Is this like the Wild West, where anything goes to get the deal done?” One company grants a chip supplier equity for financing data-center buildouts but takes an ownership stake in another manufacturer for the eventual development of a similar product. It is hard to imagine that Jensen Huang outsmarted his equally talented cousin, the AMD CEO, Lisa Su. The lines between revenue and equity are blurring among a small group of highly influential technology companies, to the tune of hundreds of billions of dollars.
