Amazon and Microsoft are leading a historic wave of spending on artificial intelligence.

The month of November began with mixed signals in US markets, while tech giants were driving a new cycle of investment euphoria focused on artificial intelligence. Amazon shares rose more than 5% on Monday after announcing a historic $38.000 billion deal with OpenAI, the creator of ChatGPT, who will use the services of Amazon Web Services (AWS) for the next seven years.

The pact, which represents the OpenAI's first major alliance with AWS, includes access to hundreds of thousands of Nvidia graphics processing units (GPUs)essential for training and deploying advanced generative AI models.The rapid advancement of AI has created an unprecedented demand for computing power“Amazon said in a statement, adding that all the contracted capacity will be deployed before 2026 late.

The announcement prompted Nasdaqwhich closed the session higher, even while the Dow Jones It registered moderate losses. Analysts noted that the divergence between indices It reflects the current concentration of value in the technology sector, where artificial intelligence remains the main driver of growth.

Tech giants are betting on the infrastructure of the future

The Amazon–OpenAI deal capped a week dominated by massive announcements of spending on AI infrastructure. Shortly after, Microsoft signed a $9.700 billion contract with IREN, one of the world's largest data center operators, to expand its capacity AI cloud and ensure access to the Nvidia GB300 chips for five years.

These movements confirm what analysts are already calling the “supercycle of investment in advanced computing”, with companies like Microsoft, Alphabet, Amazon and Meta raising its capital expenditure forecasts for 2025. Projections indicate that Global investment in AI infrastructure will exceed $250.000 billion this year, driven by the need to build more efficient, scalable and energy-sustainable data centers.

The CEO of OpenAI, Sam altman, recently stated that the company plans to allocate $1,4 billion in the next decade to develop 30 gigawatts of computing resourcesThis leap would transform the global digital landscape. The figure, comparable to the combined annual budgets of several European countries, illustrates the magnitude of the technical and economic challenge posed by the expansion of artificial intelligence.

According to analysts ReutersThese contracts not only solidify Amazon and Microsoft as the two pillars of the AI ​​ecosystem, but also They mark a structural change. in technology spending: from software to energy and hardware infrastructure that supports deep learning models.

A booming market… and a tense one

Although technology stocks maintain their lead, the Main indices show signs of saturation. The S & P 500 October ended with its sixth consecutive monthly profitHowever, strategists warn that concentrating growth in a few companies could increase volatility. Currently, companies linked to artificial intelligence are experiencing significant growth. They represent 44% of the index's market capitalization., an unprecedented level.

"When you see these kinds of demand signals, and you know we're behind, you need to spend“,” acknowledged Microsoft’s chief financial officer, justifying the increased investments. However, this race has driven valuations to all-time highs: the The Nasdaq-100 is now trading at 32 times future earnings., compared to 17,5% for the broader S&P 500.

Despite fears of a possible AI bubbleOptimism continues to prevail.We are still in a period of immense growth, which suggests that the bubble has a long way to go to expand.", he claimed David Nicholson—an analyst at Futurum Group. Experts agree that sustained capital commitments by profitable tech giants provide stability and project growth until 2026.

The new energy race of the 21st century

Behind the big financial headlines lies a deeper transformation: Artificial intelligence is redefining the global energy economyThe data centers needed to train language models, recommendation systems, or neural networks require colossal amounts of electricityAnd companies are already exploring partnerships with renewable energy providers to support this expansion.

According to Bloomberg analysts, AI infrastructure has become the new strategic industry of the 21st century...comparable to what oil was in the last century. Whoever controls access to computing power—and the energy that fuels it— will control the pace of global innovation.

Meanwhile, the market is watching closely as Amazon and Microsoft consolidate their dominance. The rise of artificial intelligence is not only changing how we think about technology, but also how the global economy is structured, shifting the center of gravity towards an invisible, but essential infrastructure: the cloud that supports everything.