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OpenAI Acquires Jony Ive’s Startup for $6.5 Billion, Taps iPhone Designer as Creative Head for AI Devices

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OpenAI has acquired io Products, the hardware startup co-founded by legendary Apple designer Jony Ive, in a $6.5 billion all-stock deal, and named him creative head of the company as it seeks to build breakthrough devices for the generative AI era.

The move marks OpenAI’s most ambitious hardware play yet, combining Ive’s iconic product design legacy with the company’s fast-evolving AI capabilities. Ive’s design firm LoveFrom has been collaborating with OpenAI for the past two years, exploring new device concepts designed to move beyond the traditional smartphone and laptop interfaces.

“The products that we’re using to deliver and connect us to unimaginable technology — they’re decades old,” said Sam Altman and Jony Ive in a video posted to OpenAI’s blog.
“Surely there’s something beyond these legacy products we have.”

Altman teased a working prototype — calling it “the coolest piece of technology the world will have ever seen” — though no product details were shared.

Strategic Implications

OpenAI previously held a 23% stake in io Products, according to a source familiar with the matter. The $6.5 billion valuation is based on OpenAI’s estimated market value of $300 billion.

This acquisition underscores OpenAI’s desire to control its own hardware platform, breaking away from reliance on Apple’s iOS or Google’s Android to distribute its AI services, such as ChatGPT and other generative tools.

“OpenAI is interested in owning the next hardware platform so they don’t have to sell their products through Apple or Google,” said Gil Luria, analyst at D.A. Davidson.

Competitive Landscape

The AI hardware category is heating up, with recent attempts including:

  • Humane’s AI Pin, developed by ex-Apple executives, which was recently shut down and acquired by HP after poor reception due to limited battery life and high cost.

  • Rabbit’s r1 device, which sold over 100,000 units but has drawn criticism for limited functionality compared to smartphones.

  • Meta’s Quest and Ray-Ban smart glasses, part of the company’s long-term push into AI-powered wearables.

Apple, meanwhile, has been slow to integrate generative AI tools, with its Apple Intelligence features lagging behind offerings on Android. The news of Ive’s alignment with OpenAI sparked a more than 2% drop in Apple shares.

What’s Next?

OpenAI now positions itself not just as a software leader in AI, but as a potential hardware disruptor, aiming to redefine how users physically interact with intelligent systems. With Jony Ive on board and a prototype already in development, the tech world is watching closely to see if OpenAI can succeed where others have faltered.

TensorWave Raises $100 Million to Expand AMD-Powered AI Infrastructure

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TensorWave, a Las Vegas-based AI infrastructure startup, has raised $100 million in a Series A funding round to scale operations and meet rising demand for high-performance AI computing. The company did not disclose its current valuation.

The round was led by Magnetar and AMD Ventures, with participation from existing backers Maverick Silicon and Nexus Venture Partners, along with new investor Prosperity7.

As AI model development becomes increasingly compute-intensive, firms like TensorWave are positioning themselves as essential enablers by building GPU-based infrastructure designed for efficient model training and workload optimization.

“This $100M funding propels TensorWave’s mission to democratize access to cutting-edge AI compute,” said CEO Darrick Horton.

Strategic Focus and Market Context

TensorWave plans to use the fresh capital to:

  • Scale operations and expand its team

  • Deploy AMD-powered GPU clusters

  • Accelerate delivery of infrastructure tailored to AI workloads

The announcement comes amid projections that the global AI infrastructure market will exceed $400 billion by 2027, driven by the rapid adoption of generative AI, machine learning, and data-intensive applications.

Unlike many competitors reliant on Nvidia hardware, TensorWave’s focus on AMD GPUs could offer cost advantages and diversification for AI developers seeking alternatives in a supply-constrained market.

Industry Momentum

The funding reflects growing investor confidence in companies that support the underlying layers of AI innovation — particularly those offering scalable, affordable compute infrastructure for startups, research institutions, and enterprises alike.

TensorWave joins a wave of AI infrastructure startups benefiting from explosive interest in model training platforms, data center hardware, and cloud-based acceleration solutions amid ongoing AI commercialization.

Hedge Funds Rapidly Exit Tech Stocks Ahead of U.S. Tariff Deadline, Goldman Sachs Reports

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Hedge funds have been unloading tech stocks at their fastest pace in six months, marking the largest tech-sector exodus in five years, according to a Goldman Sachs note released Friday and seen by Reuters on Monday. The move comes just ahead of the April 2 tariff deadline announced by U.S. President Donald Trump, which has sparked widespread market uncertainty and fears of an economic downturn.

According to Goldman Sachs’ prime brokerage desk — which tracks hedge fund activity — the information technology sector, including the “Magnificent-7” tech stocks, was “by far the most net sold” last week. Both long positions (bets that prices will rise) and short positions (bets on a decline) in tech stocks were rapidly closed, reflecting a strong pullback across the board.

Analysts at Edmond de Rothschild linked this abrupt sell-off to the anticipated tariffs on copper and other raw materials, which are expected to weigh heavily on tech manufacturers and AI-related hardware producers.

A separate note from Morgan Stanley revealed that hedge funds are increasingly betting against some of the sector’s biggest names. Nvidia, AMD, and Tesla were identified as the top three short positions as of Wednesday.

Goldman said that around 75% of last week’s hedge fund selling activity was concentrated in U.S. tech stocks, particularly those connected to AI hardware development. Total hedge fund exposure to tech is now at a five-year low, despite heavy buying just a few weeks ago in mid-March.

Another dataset from JPMorgan noted a reversal of positions by hedge funds last week, possibly influenced by strong retail investor activity. This surge in retail buying may have triggered a short squeeze, forcing some bearish investors to unwind their positions as stock prices climbed unexpectedly.

“With the tariff news, it was interesting that hedge fund flows and positioning might suggest they’re already somewhat prepared—at least in terms of key areas that have been in focus,” said JPMorgan in its client note.

As the April 2 deadline looms, hedge funds appear to be bracing for volatility, shifting away from one of the market’s most lucrative sectors in recent years.