Good morning. One of the largest investments in artificial intelligence to date could further accelerate enterprise AI adoption.
OpenAI, the maker of ChatGPT, and AI chip leader Nvidia announced a strategic partnership on Monday, with Nvidia committing up to $100 billion to support OpenAI’s next-generation AI infrastructure—including investments in power capacity and data centers. The agreement entails deploying at least 10 gigawatts of Nvidia-powered systems—amounting to millions of graphics processing units (GPUs)—to develop and run advanced AI models. The first phase is expected to go live in the second half of 2026.
The two companies will jointly optimize their development roadmaps for OpenAI’s software and models, and for Nvidia’s hardware and software platforms. The investment and infrastructure partnership powers “the next era of intelligence,” Jensen Huang, founder and CEO of Nvidia, said in a statement. Sam Altman, cofounder and CEO of OpenAI, added that the partnership will “create new AI breakthroughs and empower people and businesses.”
This announcement further strengthens the relationship between OpenAI and Nvidia as leaders at the forefront of the AI revolution, while providing OpenAI with substantial funding at lower costs by reducing its credit risk, Wedbush Securities analysts wrote in a Tuesday note to investors.
“This speaks to our view that the next three to six months will be defined by the second, third, and fourth derivatives of the AI Revolution playing out,” according to the analysts.
Dan Ives, managing director at Wedbush, told me the tiered derivatives refer to the other areas of tech that will “benefit from the trillions spent in the AI Revolution.” He added: “Big Tech will dominate, but these other areas are the winners in software, chips, energy, and infrastructure.”
While there are worries about an AI bubble and stretched valuations, the analysts continue to view this as a “1996 moment” for the tech world. “This is still the early days of the AI Revolution in our view,” Ives told me. “The tech bubble was 1999/2000, and this is still early days—a 1996 moment.”
Spending and surging enterprise use cases across industries are creating a group of emerging AI leaders, according to Ives.
Last week, OpenAI’s economic research team, alongside Harvard economist David Deming, released research analyzing 1.5 million ChatGPT conversations to track usage patterns since its launch. The study found that roughly 30% of use is work-related while 70% is personal, with both categories growing over time—highlighting ChatGPT’s dual role as a productivity tool and a source of value in daily life, according to the researchers.
“The early findings are fascinating and point to real shifts in how AI is integrated into everyday life,” OpenAI CFO Sarah Friar wrote in a LinkedIn post. “Especially happy to see the gender gap close.”
By mid-2025, ChatGPT’s early gender gaps had narrowed significantly, with user demographics coming to resemble the broader adult population. In January 2024, 37% of users had typically feminine names; by July, that share had grown to over half (52%).
As OpenAI and Nvidia join forces, their landmark investment signals a far-reaching impact across industries.
Sheryl Estrada
[email protected]
Leaderboard
David Croxville was appointed CFO of C1, a technology solutions and services company. Croxville brings more than 30 years of experience. Most recently, he served as EVP and CFO of NTT DATA Services in the Americas, where he led finance, procurement, real estate, and IT across 44 countries, and completed more than 10 acquisitions, including Dell Services.
Cornelis (Carlo) Broos was promoted to CFO of Cibus, Inc. (Nasdaq: CBUS), a biotechnology company, according to an SEC filing. Broos has served as interim CFO of Cibus since October 2024 and previously held the position of SVP of finance. He joined Cibus in 2011. Before joining the company, Broos held finance leadership positions at Syngenta Europe Africa Middle East, Syngenta Netherlands and Belgium, Advanta, and Deloitte Netherlands.
Big Deal
Coins2Day released its 2025 Change the World list this morning, featuring 50 companies that have integrated social problem-solving into their business models. Their leaders recognize there’s profit to be made by having a positive impact on people and the planet—whether directly, through the sale of their products and services, or indirectly, as their actions help build a stronger talent pool, attract more customers, and strengthen the economic resilience of their communities.
Among the companies on the list is Deloitte, which recently helped Brazil develop hydrogen power by creating a model to work across various supply-chain scenarios, for example. Mastercard is also featured; its Strive program, launched in 2021, helps micro and small business owners access affordable credit and digital tools to manage their finances. In the U.S., Strive has facilitated $45 billion in loans and reached more than 1.6 million small businesses. You can read more about the 50 companies on the Change the World list here.
Going deeper
The CFA Institute Research and Policy Center released new research highlighting what it calls the $63 billion continuation fund boom.
“Continuation Funds: Ethics in Private Markets,” the first report in a series on ethics in private markets, aims to guide market participants as they navigate the evolution of continuation funds—also known as continuation vehicles or CVs—and the corresponding ethical implications. The report draws on interviews with more than 30 senior industry professionals worldwide.
“Continuation vehicles make for a central case study in how liquidity, alignment and governance come together in private markets,” said Stephen Deane, senior director of capital markets policy at CFA Institute and lead author of the report, in a statement.
Overheard
"Don’t be a jerk. No massive egos, and no telling different people different things to get what you want."
—Duolingo CEO Luis von Ahn took to LinkedIn on Monday to share a direct message with the company’s 42 newly hired graduates, offering five career tips, Coins2Day reported. One piece of advice: leave your ego at the door.
