OpenAI 正与亚马逊进行初步洽谈，拟至少募资 100 亿美元，并可能改采用亚马逊的 Trainium 晶片。传出的交易估值可能超过 5,000 亿美元；OpenAI 近期在员工持股出售中也曾以 5,000 亿美元估值定价。知情人士称，谈判约在 2025 年 10 月、公司完成企业重整后启动，且条款仍可能变动。

此案若成，将成为亚马逊半导体部门的重要胜利，并强化其在 AI 算力市场与 Nvidia 竞争的布局。AWS 虽是全球最大的租用算力与资料储存供应商，但在 AI 开发者市场面临激烈竞争，包括 OpenAI 主要金主之一的微软。重整计划中，微软取得 27% 持股，并获得至 2032 年的模型存取权；该方案谈判历时将近一年。

双方上月已宣布另一项合作：AWS 将在 7 年内向 OpenAI 提供价值 380 亿美元的云端算力，重点是供应「数十万」颗 Nvidia 晶片。亚马逊主张 Trainium 在训练与推理等密集运算上，较 Nvidia 的主流 GPU 更便宜且更有效率。投资热潮同时引发警示：华尔街分析师近期提到泡沫风险，部分原因是「循环式」融资交易可能推升支出并扭曲估值。

OpenAI is in early talks to raise at least $10 billion from Amazon and potentially adopt Amazon’s Trainium chips. The discussions could value OpenAI above $500 billion; it was also valued at $500 billion in a recent employee share sale. A person familiar with the matter said negotiations began around October 2025 after a corporate overhaul, and terms may still change.

If completed, the deal would be a major win for Amazon’s young semiconductor effort and its bid to compete with Nvidia in AI compute. While AWS is the largest seller of rented computing power and storage, it has struggled to dominate AI developers amid fierce rivals, including Microsoft, one of OpenAI’s biggest backers. In the restructuring, Microsoft took a 27% stake and secured model access through 2032; the plan took nearly a year to negotiate.

OpenAI and Amazon announced another agreement last month: AWS will supply $38 billion of cloud computing power over seven years, centered on “hundreds of thousands” of Nvidia chips. Amazon says Trainium can run AI-model calculations more cheaply and efficiently than Nvidia’s leading GPUs. The investment surge is also drawing warnings of a potential bubble, partly because “circular” financing deals may sustain spending and inflate valuations.