OpenAI's Dealmaking Spree Puts These ETFs in Focus

Core Insights - OpenAI is forming significant partnerships with major tech companies, including AMD, Oracle, and NVIDIA, to enhance its AI infrastructure and capabilities [1][2][4] Group 1: Partnerships and Collaborations - AMD will supply over 6 gigawatts of GPUs to OpenAI, starting with MI450 chips in the second half of 2026, and has issued warrants for up to 160 million shares of OpenAI [2] - Oracle and OpenAI agreed to develop up to 4.5 gigawatts of additional Stargate capacity, while NVIDIA plans to invest up to $100 billion in OpenAI for infrastructure development [1] Group 2: Strategic Positioning - OpenAI's partnership strategy involves collaborating with chipmaking rivals, positioning it uniquely in the AI market [4] - The company has launched diverse business ventures, including partnerships with Etsy and Shopify for online shopping and a social media app, Sora, which are currently popular in the Apple App Store [8] Group 3: Market Sentiment and Future Outlook - Despite its growing influence, OpenAI lacks a profitable business history, raising concerns about its sustainability [6][7] - Some analysts believe that the massive investments in AI by tech giants indicate a long-term trend rather than a bubble, as these investments are within their operating cash flows [9][10][11]