Markets other than AI don’t seem to be that exciting.

The jack-of-all-trades may have secured its biggest customer yet.

On Monday, Amazon announced a $38 billion deal with OpenAI to provide the ChatGPT maker with access to Amazon Web Services’ infrastructure.

On the one hand, the move isn’t all that surprising and is a continuation of OpenAI’s splurge to secure resources to run its power-hungry artificial intelligence models.

On the other hand, OpenAI comes into play Amazon Shows that companies are diversifying away from dependence microsoftwas the company’s exclusive cloud service provider until this year. This could suggest that OpenAI is preparing for an initial public offering, aiming to demonstrate “both independence and operational maturity,” as CNBC’s Mackenzie Sigalos writes.

Amazon’s stock soared on the news, closing at a record high. Nvidia It was also a strong day as Microsoft announced it had been granted a license by the US government to export its AI darling chips to the United Arab Emirates.

While Big Tech is attracting investor interest, the rest of the market has been a bit lackluster.

even as S&P500 and Nasdaq Composite While stocks rose on the back of tech giants, more than 300 stocks in the broad index ended the day lower. This is a warning sign that only some parts of the market are doing well.

Palantir’s third-quarter results exceeded expectations. The company expects sales of about $1.33 billion for the current quarter, beating analysts’ expectations of $1.19 billion, according to LSEG. However, the stock fell 4.3% in extended trading Monday night.

OpenAI signs $38 billion deal with Amazon. Under the agreement, OpenAI will immediately begin running artificial intelligence processes on Amazon Web Services using Nvidia’s AI chips. Amazon shares soared 4% to close at an all-time high.

Microsoft receives approval to ship Nvidia chips to UAE. A US Department of Commerce license granted in September allows Microsoft to ship an additional 60,400 A100 chips featuring Nvidia’s advanced GB300 graphics processing units. Nvidia stock rose 2.2%.

The US market is generally up. US time on Monday, the S&P 500 and Nasdaq Composite rose, helped by tech stocks. pan-european Stocks 600 It ended flat. Including auto stocks renault and volkswagen rose.

(PRO) Increasing risks to global equities. European stock markets hit new highs last week. But analysts say there are several factors that could derail this upward trajectory.