AI demand apex · origin of datacenter capex

OpenAI

The apex of generative-AI demand. Committed to 10GW of NVIDIA systems (NVIDIA invests up to $100B in OpenAI), 10GW of custom accelerators co-designed with Broadcom (code-named Nexus, ~$350B), and $250B of Microsoft Azure. This capex is where the spending that flows up the chain (chips, memory, equipment) originates. Private.

Updated Sep 11, 2026 5 AI consumers· 4 recurring

Per the valuechain.wiki graph, OpenAI is directly linked to 10 companies (7 supply, 2 revenue, 3 investment relationships) and reaches 52 companies within two hops; the links are backed by 19 dated sources, 3 of them primary filings (as of 2026-09-11).

Money in ▸Intuit Inc.●Contract value $100Menterprise & API customers◐consumers · enterprises (ChatGPT subscription)◐Accenture plc◐
OpenAIApex of generative-AI demand
▸ Money outBroadcom●Microsoft●NVIDIA●CoreWeave●Oracle●Cerebras Systems●AMD◐

Financials & Segments

  • Total revenue · Apex of generative-AI demand
  • Customer concentration · Large capex commitments to NVIDIA, Broadcom and Microsoft.
  • Segments · ChatGPT subscriptions · API · Enterprise

Revenue from

  • Intuit Inc. High confidence· Contract value $100M · 다년(발표 2025-11-18) · Officially announced floor value of the multi-year contract to deepen use of OpenAI's models in GenOS ($100M+)
    In November 2025 OpenAI announced a multi-year strategic partnership with Intuit that makes TurboTax, Credit Karma, QuickBooks and Mailchimp directly usable inside ChatGPT. The companies officially announced a multi-year contract worth more than $100 million for Intuit to continue using OpenAI's models in GenOS. The exact total is not disclosed; the announced figure is a floor.
    Confirms KO Alpha Biz Published Nov 19, 2025: Intuit (INTU.O) strategically partners with OpenAI, accelerating integration of personal finance services within ChatGPT
    Confirms EN Intuit Investor Relations Published Nov 18, 2025: Intuit and OpenAI Join Forces to Revolutionize Financial Intelligence
    Confirms EN Constellation Research Published Nov 18, 2025: Intuit, OpenAI forge integration pact: Why it could be a $100 million win win
  • enterprise & API customers Medium confidence
    Enterprise/API revenue.
    Confirms EN OpenAI Published Jun 1, 2025: OpenAI API (paid API for enterprises and developers)
  • consumers · enterprises (ChatGPT subscription) Medium confidence
    ChatGPT paid-subscription revenue.
    Confirms EN OpenAI Published Jun 1, 2025: ChatGPT subscription pricing (Plus, Pro, Team, Enterprise)
  • Accenture plc Medium confidence
    OpenAI supplies ChatGPT Enterprise for Accenture's consulting, operations and delivery work. Accenture agreed to equip tens of thousands of professionals, but the contract value was not disclosed.
    Confirms EN OpenAI Published Dec 1, 2025: Accenture and OpenAI accelerate enterprise AI success

Pays to

  • Broadcom High confidence
    Co-designs 10GW custom accelerators with Broadcom (Nexus, ~$350B).
    Confirms EN DCD Published May 1, 2026: OpenAI–Broadcom custom-chip project (Nexus) financing
    Confirms KO Wikipedia Published Jan 1, 2026: OpenAI
    Confirms EN DatacenterDynamics (DCD) Published Oct 13, 2025: OpenAI partners with Broadcom for custom AI accelerators and Ethernet
  • Microsoft High confidence
    Commits to $250B of Microsoft Azure.
    Confirms KO Wikipedia Published Jan 1, 2026: OpenAI
    Confirms EN CNBC Published Sep 22, 2025: Nvidia to invest up to $100B in OpenAI
  • NVIDIA High confidence
    Deploys 10GW of NVIDIA systems; NVIDIA invests up to $100B.
    Confirms KO Wikipedia Published Jan 1, 2026: OpenAI
    Confirms EN Network World Published Sep 23, 2025: Nvidia and OpenAI open $100B, 10GW data center alliance
    Confirms EN CNBC Published Sep 22, 2025: Nvidia to invest up to $100B in OpenAI
  • CoreWeave High confidence
    Rents GPU-cloud compute from CoreWeave.
    Confirms KO ZDNet Korea Published Sep 16, 2025: NVIDIA-fueled CoreWeave triples since IPO
  • Oracle High confidence
    Sources Stargate compute from Oracle OCI.
    Confirms EN Data Center Frontier Published Sep 29, 2025: Scaling Stargate: OpenAI's five new US data centers push toward 10GW
    Confirms EN Data Center Frontier Published Sep 1, 2025: OpenAI and Oracle’s $300B Stargate deal
    Confirms EN OpenAI Published Jul 22, 2025: OpenAI–Oracle Stargate 4.5GW partnership
  • Cerebras Systems High confidence
    Also sources inference from Cerebras wafer-scale beyond NVIDIA.
    Confirms EN Futurum Published Apr 17, 2026: Cerebras S-1 teardown (wafer-scale, OpenAI $20B)
  • AMD Medium confidence
    Also deploys some AMD MI accelerators (multi-vendor).
    Confirms EN The Motley Fool Published Feb 24, 2026: AMD's MI450 chip just landed its first mega-deal
    Mentions EN CNBC Published Sep 22, 2025: Nvidia to invest up to $100B in OpenAI

Investors

  • 소프트뱅크 High confidence· Market share 13%
    ~13% shareholder (after Microsoft); Stargate financial lead.
    Mentions EN AInvest Published Apr 1, 2026: SoftBank's 13% OpenAI stake, $64.6B cumulative
  • NVIDIA High confidence
    NVIDIA invests up to $100B in OpenAI (non-controlling).
    Confirms EN Network World Published Sep 23, 2025: Nvidia and OpenAI open $100B, 10GW data center alliance
    Confirms EN CNBC Published Sep 22, 2025: Nvidia to invest up to $100B in OpenAI
  • Microsoft High confidence
    Microsoft is OpenAI’s largest investor (Azure, profit share).
    Confirms EN CNBC Published Oct 28, 2025: OpenAI completes for-profit restructuring — Microsoft 27% stake (~$135B), $250B Azure, tech rights to 2032
  • SoftBank Group High confidence
    SoftBank’s cumulative $64.6B gives ~13% ownership.
    Confirms EN Data Center Frontier Published Sep 29, 2025: Scaling Stargate: OpenAI's five new US data centers push toward 10GW

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Corteva, Inc.lead2+23.6+25.6-17.5+20.2+18.9+32
Accenture plclead1+60.7-34.8+33.6+1.9-22.6-29
Intuit Inc.lead1+70.3-39.1+61.8+1.2+6.1-49.3
OpenAInode······
AMDbenef1+56.9-55+127.6-18.1+77.3+123
SoftBank Groupbenef1-37.8+23.7+6+46.4+81.5+31.6
Microsoftbenef1+52.5-28+58.2+12.9+15.6+4
Broadcombenef1+56.5-13.3+104.2+110.5+50.6+3.8
Oraclebenef1+36.9-4.6+30.9+60+18.1-17.8
AT&Sbenef2+57.5-22-27.6-41.3+188.9+334.1
Micron Technologybenef2+24.2-45.9+71.9-1+240.2+256.4
Seagate Technologybenef2+87.5-51.4+69.1+4.1+225.3+209.1
Western Digitalbenef2+17.7-51.6+66+13.9+283.7+171.6
United Microelectronics (UMC)benef2+43.2-40.3+39.2-19+28.8+168.9
Marvellbenef2+84.6-57.5+63.7+83.8-22.8+163.4
Intelbenef2+6.1-46.6+94.6-59.6+84+159.6
Ibidenbenef2+30.4-19.6+51.6-38.6+261+149.3
Unimicronbenef2+133.5-30.2+35.2-19.7+175.7+138.8
ASE Technologybenef2+38.3-12.8+60.9+10.1+65.6+135.3
Wiwynnbenef2+24.7-22.3+206.4+3.5+64.4+120.2
Astera Labsbenef2····+25.6+86.6
SK hynixbenef2-0.4-25.6+53.9+48.6+361.1+81.6
Vertivbenef2+33.8-45.3+251.8+136.8+42.8+73.2
Keysight Technologiesbenef2+56.3-17.2-7+1+26.5+61
Samsung Electronicsbenef2-9-14.2+20.9-26.4+212.9+59.7
Arista Networksbenef2+97.9-15.6+94.1+87.7+18.5+47.9
Occidental Petroleumbenef2+67.7+119.1-4.1-15.9-14.9+47.4
GE Vernovabenef2····+99+44.4
Caterpillarbenef2+16+18.6+25.9+24.7+60.3+42.9
TSMCbenef2+12.1-36.7+42.3+92.6+55.9+41.9
Cienabenef2+45.6-33.8-11.7+88.4+175.8+37.3
Equinixbenef2+20.3-21.1+25.4+19.5-16.9+37.3
Monolithic Powerbenef2+35.5-27.8+79.8-5.6+54.5+35.5
Super Microbenef2+38.8+86.8+246.2+7.2-4+35.3
Eatonbenef2+46.7-7.2+56.2+39.5-2.8+30.1
GlobalFoundriesbenef2·-17.1+12.5-29.2-18.6+29.7
Quanta Computerbenef2+22.2-12.8+254.5+12.7+8.9+28.5
NVIDIAbenef2+125.5-50.3+239+171.2+38.9+23.7
Schneider Electricbenef2+25.9+1.6+25.8+36.1+0.5+20.7
Foxconn (Hon Hai)benef2-5.1+2.8+7.8+80.1+26.9+19.6
Credo Technologybenef2··+46.3+245.2+114.1+18.5
IRENbenef2·-92.3+472+37.3+284.6+18.3
Cumminsbenef2-1.7+14.1+1.7+48.9+49.4+11
Automatic Data Processing, Inc.benef2+42.6-1.3-0.2+28.4-10.2+9.6
Toppan Printingbenef2+49.3-2.1+99.1+8.1+10.7+7.2
3M Companybenef2+4.9-29.6-3.3+46.1+26.4+6.8
Brookfield Asset Management Ltd.benef2··+45.6+39.7-0.2-0.4
IonQbenef2·-79.3+259.1+237.1+7.4-11.9
Constellation Energybenef2··+37.2+92.7+58.8-15
Take-Two Interactive Software, Inc.benef2-14.5-41.4+54.6+14.4+39.1-16.1

OpenAI's thesis is being the origin of the entire AI capex cycle. As the apex of generative-AI compute demand, it has committed to 10GW of NVIDIA systems ($100bn investment), 10GW of Broadcom co-designed custom accelerators (~$350bn) and $250bn of Microsoft Azure, and that capital flows down through Stargate and others into chips, memory, power and equipment. Being private, it has no stock, so its demand shows only in the surge of downstream suppliers (Samsung Electro-Mechanics, AT&S, Soitec). The key question is whether these astronomical commitments convert into actual financing, power and sites — the gap between commitment and execution is the biggest variable for the whole AI chain. Graph propagation: this node is a hub, both the terminus of demand and the starting point of upstream transmission.

Analysis generated from returns as of 2026-06-23

Analyses covering this node

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