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OpenAI Partners with Google Cloud in Surprising AI Rivalry Deal

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OpenAI has struck a significant cloud computing deal with Alphabet’s Google Cloud to support its growing AI infrastructure needs, sources told Reuters. This collaboration, finalized in May, marks an unprecedented partnership between two major competitors in artificial intelligence.

The move signals OpenAI’s efforts to diversify beyond its longtime partner Microsoft, which had exclusively provided data center services until January. Google Cloud will now supply additional computing power to OpenAI for training and running its large language models, including ChatGPT.

The deal highlights the immense compute demands required for AI development and how competitive dynamics are evolving. Despite the fierce rivalry—OpenAI’s ChatGPT poses a strong challenge to Google’s dominant search business—both companies have chosen to cooperate in meeting infrastructure needs.

Alphabet’s stock rose 2.1% following the news, while Microsoft shares slipped 0.6%. Analysts at Scotiabank called the partnership “somewhat surprising” but a strategic win for Google Cloud, which has been aggressively expanding its AI hardware offerings, including tensor processing units (TPUs) used internally and for other customers like Apple.

OpenAI’s recent moves to reduce dependency on Microsoft include partnerships with SoftBank, Oracle, and CoreWeave, as well as plans to develop its own AI chips to cut reliance on external hardware providers. Meanwhile, Microsoft and OpenAI continue to renegotiate their multibillion-dollar investment terms.

Google’s Cloud business, generating $43 billion in sales in 2024, aims to capture market share against rivals Amazon and Microsoft by positioning itself as a neutral cloud provider favored by AI startups with costly infrastructure needs.

This deal presents a complex balancing act for Alphabet CEO Sundar Pichai, who must allocate limited chip capacity between competing demands from Google’s own AI projects and cloud customers. Despite ChatGPT’s threat to Google’s search dominance, Pichai remains confident in the company’s position.

Ackman’s Pershing Square Bets Big on Amazon, Sells Out of Canadian Pacific

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Billionaire investor Bill Ackman has added Amazon to his Pershing Square Capital Management portfolio, marking a major move into the e-commerce and cloud giant. The decision comes as Trump-era tariffs appear less damaging than initially feared and Amazon’s valuation offered an attractive entry point after market turbulence in April.

Key Takeaways:

  • Amazon Stake: Pershing Square initiated a new position in Amazon, with Chief Investment Officer Ryan Israel saying the stock became affordable after a tariff-driven market selloff. The hedge fund believes Amazon’s earnings growth remains robust, and CEO Andrew Jassy’s leadership will help expand margins amid strong revenue growth.

  • Tariff Impact Minimal: Ackman’s team downplayed concerns over Trump’s import tariffs, suggesting Amazon’s retail earnings won’t be materially affected, and the cloud division (AWS) can weather any slowdown.

  • Strategic Portfolio Shift: To fund the Amazon investment, Pershing Square exited Canadian Pacific, one of Ackman’s historically profitable holdings. The move was made “with regret,” as Ackman remains bullish on the rail company’s long-term potential.

  • Other Changes:

    • New Positions: Stakes were also added in Hertz and Uber, broadening exposure to transport and mobility sectors.

    • Trims: Positions in Chipotle, Hilton, and Universal Music Group were reduced.

    • Nike Adjustment: Equity holdings in Nike were converted into deep-in-the-money call options, allowing continued exposure with less capital deployed.

Strategic Outlook:

Ackman’s Amazon bet signals growing confidence in tech and e-commerce resilience, particularly as U.S. trade policy evolves and inflation moderates. Meanwhile, the exit from Canadian Pacific—despite long-term optimism—reflects the need to rebalance capital toward higher-growth opportunities.

The move into Uber and Hertz also aligns with trends in urban mobility and travel rebound, while trimming strong performers like Chipotle and Hilton frees up capital amid rising valuations.

Snowflake Raises Annual Revenue Forecast Amid AI-Driven Demand Surge

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Snowflake (SNOW.N) raised its fiscal 2026 product revenue forecast on Wednesday, driven by strong enterprise demand for its data analytics and AI services. The company’s shares jumped 6% to $190.09 in after-hours trading following better-than-expected first-quarter results and an upbeat outlook for the current quarter.

The AI boom has been a key growth engine for Snowflake. Through partnerships with OpenAI and Anthropic, the company has expanded its platform to support customers building and running advanced AI models, particularly for data-driven applications. This has significantly broadened its appeal across industries prioritizing cloud migration and AI adoption.

Updated Guidance and Performance

  • Q1 Product Revenue: $996.8 million (↑26% YoY), surpassing analysts’ forecast of $959.2 million

  • Q2 Product Revenue Forecast: $1.035 – $1.040 billion vs. $1.021 billion expected

  • Fiscal 2026 Product Revenue Forecast: $4.325 billion (up from $4.28 billion)

On an adjusted basis, Snowflake earned 24 cents per share, beating expectations of 21 cents.

Analysts attribute Snowflake’s momentum to its ability to scale cloud-based AI tools for enterprise clients, particularly those building AI agents and automation workflows. The company’s flexibility in integrating AI across large datasets makes it a key player in modern enterprise cloud ecosystems.

The stock is now up 16% year-to-date, reflecting investor confidence in Snowflake’s strategy to stay ahead in the competitive cloud and AI infrastructure market.