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 Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, OpenAI is directly linked to 8 companies (7 supply, 0 revenue, 3 investment relationships) and reaches 45 companies within two hops; the links are backed by 15 dated sources, 3 of them primary filings (as of 2026-07-12).
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
- enterprise & API customers Medium confidence
Enterprise/API revenue. - consumers · enterprises (ChatGPT subscription) Medium confidence
ChatGPT paid-subscription revenue.Confirms EN OpenAI Published Jun 1, 2025: ChatGPT subscription pricing (Plus, Pro, Team, Enterprise)
Pays to
- Broadcom High confidence
Co-designs 10GW custom accelerators with Broadcom (Nexus, ~$350B).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. - NVIDIA High confidence
Deploys 10GW of NVIDIA systems; NVIDIA invests up to $100B.Confirms EN Network World Published Sep 23, 2025: Nvidia and OpenAI open $100B, 10GW data center alliance - CoreWeave High confidence
Rents GPU-cloud compute from CoreWeave. - 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 - Cerebras Systems High confidence
Also sources inference from Cerebras wafer-scale beyond NVIDIA. - 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
Investors
- 소프트뱅크 High confidence· Market share 13%
~13% shareholder (after Microsoft); Stargate financial lead. - 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 - 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.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| OpenAI | node | · | · | · | · | · | · |
| AMD | benef1 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Broadcom | benef1 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| SoftBank Group | benef1 | +10.2 | +9.9 | +39.2 | +6.5 | +8.5 | +3.2 |
| Microsoft | benef1 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Oracle | benef1 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -27.4 |
| AT&S | benef2 | +57.5 | -22 | -27.6 | -41.3 | +188.9 | +390.3 |
| Micron Technology | benef2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| Western Digital | benef2 | +17.7 | -51.6 | +66 | +13.9 | +283.7 | +238.4 |
| Seagate Technology | benef2 | +87.5 | -51.4 | +69.1 | +4.1 | +225.3 | +231.4 |
| United Microelectronics (UMC) | benef2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| Intel | benef2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | benef2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| ASE Technology | benef2 | +38.3 | -12.8 | +60.9 | +10.1 | +65.6 | +167.6 |
| Astera Labs | benef2 | · | · | · | · | +25.6 | +148.2 |
| Ibiden | benef2 | +30.4 | -19.6 | +51.6 | -38.6 | +261 | +147.1 |
| SK hynix | benef2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| Unimicron | benef2 | +133.5 | -30.2 | +35.2 | -19.7 | +175.7 | +131.6 |
| GlobalFoundries | benef2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Ciena | benef2 | +45.6 | -33.8 | -11.7 | +88.4 | +175.8 | +97 |
| Vertiv | benef2 | +33.8 | -45.3 | +251.8 | +136.8 | +42.8 | +96.9 |
| Credo Technology | benef2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Samsung Electronics | benef2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| GE Vernova | benef2 | · | · | · | · | +99 | +67.3 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +67 |
| Keysight Technologies | benef2 | +56.3 | -17.2 | -7 | +1 | +26.5 | +58.5 |
| Monolithic Power | benef2 | +35.5 | -27.8 | +79.8 | -5.6 | +54.5 | +49.8 |
| Wiwynn | benef2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +45.1 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Arista Networks | benef2 | +97.9 | -15.6 | +94.1 | +87.7 | +18.5 | +42.7 |
| Equinix | benef2 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +38.6 |
| Quanta Computer | benef2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +33.4 |
| Cummins | benef2 | -1.7 | +14.1 | +1.7 | +48.9 | +49.4 | +33.3 |
| Eaton | benef2 | +46.7 | -7.2 | +56.2 | +39.5 | -2.8 | +28.6 |
| NVIDIA | benef2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| Schneider Electric | benef2 | +25.9 | +1.6 | +25.8 | +36.1 | +0.5 | +13 |
| Foxconn (Hon Hai) | benef2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +10.9 |
| Toppan Printing | benef2 | +49.3 | -2.1 | +99.1 | +8.1 | +10.7 | +9.9 |
| IREN | benef2 | · | -92.3 | +472 | +37.3 | +284.6 | +8.9 |
| Super Micro | benef2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | -3.3 |
| IonQ | benef2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -4.5 |
| Brookfield Asset Management Ltd. | benef2 | · | · | +45.6 | +39.7 | -0.2 | -9 |
| Constellation Energy | benef2 | · | · | +37.2 | +92.7 | +58.8 | -28.6 |
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 2026-06-23Analyses covering this node
- Part of the demand comes from the supplier's own balance sheet: the fragility of circular financing Jun 23, 2026
- The same slots boil twice: dotcom's supply-chain overload is still running Jun 23, 2026
- The money enters through one door: AI demand converges on hyperscaler capex Jun 23, 2026
- Perez's clock: the frenzy of installation leaves the infrastructure of deployment Jun 23, 2026