OpenAI Is Reportedly Raising $30 Billion. Which Chip Stock Gains the Most?
OpenAI is raising money again. The company behind ChatGPT is seeking about $30 billion in a new funding round that could value it at more than $1.4 trillion, Reuters reported on Oct. 19. That is up from a value of $852 billion in March. Talks are still underway, so the deal is not final yet.
For chip investors, an even bigger number may be the amount of computing power OpenAI has already planned. In 2025, it announced plans for 26 gigawatts of computing capacity with Nvidia (NVDA -0.29%), Advanced Micro Devices (AMD -0.61%), and Broadcom (AVGO -0.07%). By comparison, OpenAI is reportedly telling investors that its revenue, measured at an annual rate, is about $50 billion.
In other words, having new money directly affects whether OpenAI can pay for these plans. Each of these three chip companies has a different amount at stake.
Image source: Getty Images.
Nvidia's growth does not depend on OpenAI
In September 2025, Nvidia signed a letter of intent covering at least 10 gigawatts of its systems. Nvidia planned to invest up to $100 billion in OpenAI as each gigawatt of computing capacity was put into use.
The arrangement has since changed. Nvidia invested $30 billion in OpenAI's March funding round. Then, in August, Nvidia agreed to guarantee up to $105 billion in financial obligations for a data center campus in Ohio. The site will use Nvidia hardware, and OpenAI will rent it under 20-year leases. The first guarantees are not expected to take effect until fiscal 2029. Nvidia's possible financial risk will fall as OpenAI pays its rent.
So, if OpenAI has enough money, there is less chance that Nvidia will ever have to pay anything under those guarantees.
Nvidia said each generation of its systems at that one site could bring in $150 billion to $200 billion in revenue, showing how much money is at stake. But Nvidia's growth does not depend on OpenAI. Its revenue rose 106% from a year earlier to $96.2 billion in the second quarter of fiscal 2027, which ended July 26.
NVDA Nvidia
NASDAQ · As of 4:00 PM ET 10/20/26
Key data points
Based on the average analyst estimate for fiscal 2028, the year ending in January 2028, Nvidia's price-to-earnings ratio is about 14, with the stock near $217 as I write. I think that is a fairly low price for a company growing this quickly.
AMD has the most exposure to OpenAI
AMD's deal, announced on Oct. 6, 2025, covers 6 gigawatts of its graphics processing units (GPUs). Deliveries are set to begin with 1 gigawatt in the second half of 2026. Chief financial officer Jean Hu said the deal could bring AMD "tens of billions of dollars in revenue."
"We are very happy with our strategic anchor customers in OpenAI, Meta, and Anthropic. They are all in the process of ramping," CEO Lisa Su said on AMD's second-quarter earnings call in August.
Meta Platforms has signed a similar deal covering 6 gigawatts, while Anthropic's deal covers up to 2 gigawatts. This means OpenAI accounts for about 43% of the total gigawatts across AMD's three main customers. AMD's management expects data center revenue to more than double in 2027. In the second quarter, revenue from this business rose 107% from a year earlier to $6.7 billion.
AMD Advanced Micro Devices
NASDAQ · As of 4:00 PM ET 10/20/26
Key data points
The stock price already reflects much of this expected growth. At about $539 as I write, AMD's price-to-earnings ratio based on average analyst estimates for 2027 is close to 34. That is more than twice Nvidia's ratio.
Broadcom is still waiting for the financing
Broadcom announced its 10-gigawatt deal on Oct. 13, 2025. Under the deal, OpenAI will design its own artificial intelligence (AI) chips, and Broadcom will develop and install them through 2029.
Broadcom shipped Jalapeño, OpenAI's first custom chip designed to speed up AI work, in the quarter that ended Aug. 2. On the Sept. 2 earnings call, CEO Hock Tan said Jalapeño was on track to be installed at a total capacity of 1.3 gigawatts in 2027. He also expects OpenAI to install more than 5 gigawatts in 2028. That would make OpenAI Broadcom's second-largest customer for custom chips.
That is when Broadcom expects its revenue from AI chips to grow much more quickly. Management expects this revenue to roughly double to $115 billion in fiscal 2027 and then double again to $230 billion in fiscal 2028.
AVGO Broadcom
NASDAQ · As of 4:00 PM ET 10/20/26
Key data points
But the money needed for OpenAI's planned installations is less certain. In June, Broadcom set up a financing arrangement with Apollo Global Management and Blackstone to help fund projects for OpenAI and Anthropic. The first $35 billion is set aside for Anthropic's expansion. When asked about financing during the earnings call, Tan mentioned Anthropic's path toward an initial public offering, when a company first sells its shares to the public.
"OpenAI, we still have less clarity, but it's different," he said.
Based on analysts' average estimates for fiscal 2027, Broadcom's price-to-earnings ratio is about 17, with its shares near $335 as I write.
Which stock could gain the most?
A reported funding round does not mean the money is already in the bank. And $30 billion is a small amount compared with OpenAI's chip plans.
Still, if the funding round is completed, I think Broadcom could benefit the most because the money for its OpenAI projects is the least certain. Nvidia may benefit the least. I would consider buying all three stocks. But because so much of AMD's plan depends on one customer, and its stock costs more than twice as much as Nvidia's based on their price-to-earnings ratios, I would keep AMD as the smallest holding.