New York, Feb 1, 2026, 12:31 (EST) — Market closed
AI stocks go into Monday with fresh focus on Nvidia after CEO Jensen Huang dismissed talk of a rift with OpenAI as “nonsense” and said the chipmaker would make a “huge” investment in the ChatGPT maker. Nvidia shares ended Friday down 0.7% at $191.13; Huang said, “Sam is closing the round and we will absolutely be involved.” (Reuters)
The comments followed a Wall Street Journal report that Nvidia’s plan to invest up to $100 billion in OpenAI had stalled after internal doubts, even though the companies are weighing a smaller equity investment as part of OpenAI’s current fundraising. Nvidia said it had been OpenAI’s preferred partner for the last 10 years and expected to keep working together, while OpenAI did not respond to a request for comment. A Reuters report said Amazon is in talks to invest up to $50 billion in OpenAI, which is seeking up to $100 billion in funding at a valuation of about $830 billion. (Reuters)
Why this matters now is simple: the OpenAI round is turning into a stress test for the AI money cycle — who funds the next wave of chips and data centers, and what returns show up first. This week brings results from Alphabet and Amazon, two big cloud “hyperscalers” — the largest cloud providers — and the Feb. 6 U.S. jobs report, expected to show payrolls up 64,000, a Reuters poll found. “For those companies where expectations have become very, very lofty, the onus is going to be on them to deliver,” said Jim Baird of Plante Moran Financial Advisors. (Investing)
Among the other big AI-linked names, Microsoft closed Friday down 0.8% at $430.29. Alphabet slipped 0.04% to $338, while Amazon fell 1.0% to $239.30.
What traders will want from the earnings calls is less about slogans and more about math: cloud growth, pricing, and whether new AI tools are pulling in paying customers. Capital spending — “capex” — is still the swing factor, especially for chips, power and data-center buildouts that can pressure margins before revenue shows up.
The Journal said the September memorandum of understanding envisioned Nvidia providing 10 gigawatts of computing power and financing that OpenAI would lease, but negotiations have made little progress. Even a smaller deal would keep Nvidia’s chips tied to OpenAI’s expansion, while also leaving investors guessing how much cash the startups will need to keep buying compute. (The Wall Street Journal)
But there is a straightforward downside: if Alphabet or Amazon flag softer cloud demand, or if spending rises again without clear payback, the market can punish AI-heavy stocks quickly. A weak read on hiring would add to the pressure by reviving worries that growth is slowing as Federal Reserve keeps policy restrictive.
For now, the setup is messy: big expectations, big bills, and a financing story at OpenAI that keeps shifting.
The next catalysts come fast: Alphabet holds its results call on Feb. 4 at 4:30 p.m. ET and Amazon follows on Feb. 5 at 5 p.m. ET. The Bureau of Labor Statistics has the January employment report scheduled for Feb. 6 at 8:30 a.m. ET. (Alphabet Investor Relations)
