A wave of deals and partnerships are escalating concerns that the trillion-dollar AI boom is being propped up by interconnected business transactions.

Amazon Web Services (AWS) and OpenAI ink new $38 billion deal to host OpenAI's new NVIDIA GB200 and GB300 AI servers to be deployed in 2026.

Both companies were back at it on Tuesday, announcing deals that once again added billions in value to public companies.

Microsoft has entered into a $9.7 billion cloud services contract with artificial intelligence cloud service provider IREN that will give it access to some of Nvidia’s chips.

US stocks finished the first trading day of November mixed, with Big Tech names like Amazon (AMZN) and Nvidia (NVDA) rising near record-high levels, fueling a continued rally in the AI trade even as those gains weren't broadly distributed.

OpenAI and Amazon have signed a multi-year agreement worth $38 billion under which the e-commerce giant will provide the ChatGPT maker access to hundreds of thousands of Nvidia processors to train and run its artificial intelligence models.

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This is all to say, despite initially having the intent of being a non-profit, OpenAI's goalposts have shifted somewhat. OpenAI's market cap, at the time of writing, puts the company at an estimated $500 billion, which is one-tenth that of Nvidia. AI is a big business, with trillions of dollars relying on it.