亚马逊正与 OpenAI 洽谈投资逾 100 亿美元，并提供更多晶片与算力；若成交，OpenAI 估值可能被推升至 5,000 亿美元以上。谈判仍在早期，预期内容包含使用亚马逊 Trainium 系列 AI 晶片，以及租用更多资料中心容量以支援 ChatGPT 等模型与工具。

此案将叠加在既有承诺之上：OpenAI 在与微软于 10 月下旬重整关系、得以与其他云端商谈后，已与亚马逊签署 7 年 380 亿美元的伺服器租用协议。同时，OpenAI 也锁定与 Nvidia、Oracle、AMD、Broadcom 等合计约 1.5 兆美元的长期供应与基础设施合约，引发部分投资人对「循环持股／互投」结构的疑虑。

同业对比显示资本与算力正快速集中：Anthropic 已自亚马逊、Google、微软与 Nvidia 等取得合计约 260 亿美元，而亚马逊自 2023 年起对 Anthropic 承诺约 80 亿美元。微软仍保有 OpenAI 最先进封闭权重模型在其平台的独家权利至 2030 年代初；OpenAI 亦在多元化晶片来源之际，另有 Nvidia 最高 1,000 亿美元的多年投资与采购安排，并与 AMD、Broadcom 交易（含最多 10% 的 AMD 股票安排）。

Amazon is in early talks to invest more than $10bn in OpenAI and expand chip and compute supply. People familiar with the matter say a deal could lift OpenAI’s valuation above $500bn and would likely include using Amazon’s Trainium AI chips plus additional data-centre capacity to run models and tools such as ChatGPT.

The discussions would sit on top of an existing Amazon relationship: soon after OpenAI restructured its ties with Microsoft in late October, it signed a seven-year, $38bn server-rental commitment with Amazon. Separately, OpenAI has already locked in about $1.5tn of long-term infrastructure and chip agreements with Nvidia, Oracle, AMD and Broadcom, prompting some investors to worry about circular, cross-investment structures.

Capital and compute commitments are escalating across the sector. Anthropic has secured about $26bn in total from Amazon, Google, Microsoft and Nvidia, and Amazon has committed about $8bn to Anthropic since 2023. Microsoft retains exclusive rights to OpenAI’s most advanced closed-weight models on its platform until the early 2030s. OpenAI is also diversifying chips: Nvidia has committed up to $100bn in a multiyear investment-and-purchasing deal, while other arrangements include Broadcom and an AMD deal involving up to 10% of AMD’s stock.