OpenAI reportedly spent $34 billion in 2025 as it expanded computing capacity, developed new models and prepared for a possible IPO. Figures reported by the Financial Times and covered by Reuters suggest around $19 billion went towards research and development, while nearly $6 billion was spent on sales and marketing.

For investors, the main question is where that money is going. The spending could support chips, cloud computing and data-centre infrastructure, while increasing pressure on smaller AI companies and software businesses.

Winners

AI chips and custom silicon

Advanced AI models require enormous processing power. Nvidia remains the leading supplier of AI accelerators, while AMD could benefit as customers seek alternatives.

Broadcom may gain from demand for custom AI chips and networking technology. La ...