On Monday, Amazon’s announcement of a $38 billion agreement for Amazon Web Services to provide infrastructure for OpenAI’s artificial intelligence workloads sent Amazon stock up about 5% to a new all-time high.

When it comes to artificial intelligence (AI), perhaps no one commands more attention than Sam Altman, the CEO of ChatGPT maker OpenAI. On Nov. 3, OpenAI announced a headline-grabbing $38 billion partnership with e-commerce and cloud titan Amazon ( AMZN 1.81%).

OpenAI has signed a seven-year, $38 billion deal to buy cloud services from Amazon.com , in its first big push to power its AI ambitions after a restructuring last week that gave the ChatGPT maker greater operational and financial freedom.

Throughout recent earnings reports, "Magnificent Seven" stocks Amazon, Alphabet ( GOOG ), Microsoft ( MSFT ), and Meta ( META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron's.