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Nvidia to invest up to $100B in OpenAI, fueling AI dominance — and antitrust worries

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Nvidia will invest up to $100 billion in OpenAI and supply it with advanced data center chips, the companies confirmed Monday, marking one of the largest-ever deals in artificial intelligence. The pact ties together the world’s leading AI chipmaker and the sector’s most high-profile model developer, deepening concerns about market concentration.

Deal structure

  • Nvidia will acquire non-voting shares in OpenAI.

  • OpenAI will use the cash to purchase Nvidia chips, creating what analysts called a “circular” arrangement.

  • The two companies signed a letter of intent to deploy at least 10 gigawatts of Nvidia systems — equivalent to powering 8 million U.S. homes.

  • Nvidia will begin deliveries in late 2026 via its new Vera Rubin platform, starting with 1 GW of compute.

  • Initial investment: $10B, with further tranches scaling toward $100B.

OpenAI CEO Sam Altman said: “Compute infrastructure will be the basis for the economy of the future, and we will utilize what we’re building with Nvidia to both create new AI breakthroughs and empower people and businesses with them at scale.”

Market reaction

  • Nvidia shares hit a record intraday high (+4.4%).

  • Oracle gained 6% amid its own collaboration with OpenAI, Microsoft, and SoftBank on the $500B Stargate data center project.

  • Broadcom fell 0.8% on concerns the deal could complicate its custom-chip work with OpenAI.

Industry context

The pact follows:

  • Microsoft’s multibillion-dollar investments in OpenAI since 2019.

  • Nvidia’s $5B investment in Intel and its $6.6B backing of OpenAI in 2024.

  • Ongoing OpenAI efforts to design its own AI chips with Broadcom and TSMC, which reportedly remain unchanged.

Antitrust spotlight

The DOJ and FTC reached an agreement in 2024 enabling potential probes into the roles of Microsoft, Nvidia, and OpenAI in AI. Analysts warn this deal could intensify scrutiny:

  • Andre Barlow, antitrust lawyer: “It could potentially lock in Nvidia’s chip monopoly with OpenAI’s software lead, making it more difficult for rivals like AMD or competing AI labs to scale.”

  • Stacy Rasgon (Bernstein): The structure raises concerns about Nvidia’s investment dollars coming back as chip purchases.

The Trump administration has so far taken a lighter regulatory approach than Biden’s, emphasizing growth over enforcement — though officials say protecting competition in AI infrastructure remains a long-term priority.

Accenture plans new Andhra Pradesh campus, aims to add 12,000 jobs in India

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Accenture has proposed building a new campus in Visakhapatnam, in the southern Indian state of Andhra Pradesh, with plans to eventually create 12,000 jobs, sources told Reuters. The move would significantly expand its presence in India, which is already Accenture’s largest global hub with over 300,000 employees out of 790,000 worldwide.

The proposal seeks around 10 acres of land under a new Andhra Pradesh policy offering large firms leased land at a token rate of 0.99 rupees ($0.0112) per acre in exchange for job creation. The request is currently under government review but is expected to be approved, according to officials familiar with the matter.

The state recently approved similar projects by Tata Consultancy Services (TCS) and Cognizant, which together plan to generate about 20,000 jobs in Visakhapatnam. Cognizant has pledged $183 million, while TCS has earmarked about $154 million for its facility.

Accenture has not disclosed its planned investment, but if approved, the Visakhapatnam campus would mark another step in the tech sector’s push into Tier-2 Indian cities. Companies are expanding beyond major hubs like Bengaluru and Hyderabad to tap lower land, wage, and rental costs, while benefiting from easier local hiring.

The expansion also comes as the Indian IT sector faces global headwinds:

  • U.S. President Donald Trump’s new $100,000 H-1B visa fee could hurt Indian firms, which are the largest users of the program.

  • A proposed 25% U.S. outsourcing tax could lead clients to delay or renegotiate contracts, adding further uncertainty.

Despite these challenges, India remains a cornerstone of global IT operations, and Andhra Pradesh is positioning itself as a rising destination for major technology investments.

Morgan Stanley to add crypto trading to E*Trade via Zerohash partnership

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Morgan Stanley will enable cryptocurrency trading on its E*Trade platform starting in the first half of 2026, the bank confirmed Tuesday. The service will launch through a partnership with Zerohash, a digital asset infrastructure provider.

At rollout, E*Trade clients will be able to trade bitcoin, ether, and solana, with the potential for more tokens to be added later. A Morgan Stanley spokesperson said the move reflects growing client demand for access to digital assets alongside traditional investments.

The expansion comes as the global crypto market swells to about $3.9 trillion, led by bitcoin ($2.25 trillion) and ether ($506 billion), according to CoinMarketCap. Once dismissed as speculative, crypto has become a mainstream asset class, attracting Wall Street banks, brokers, and retail platforms.

Morgan Stanley’s push follows rivals:

  • Robinhood offers trading in a wide range of tokens.

  • Charles Schwab provides ETFs tied to bitcoin and ether.

The supportive regulatory stance under President Donald Trump has also accelerated Wall Street’s embrace of crypto products.

Meanwhile, Zerohash announced it reached unicorn status after raising $104 million in a funding round led by Interactive Brokers, with Morgan Stanley, SoFi, and others also investing.

By integrating crypto into E*Trade, Morgan Stanley is positioning itself to compete directly with retail trading platforms while tapping into one of finance’s fastest-growing markets.