Hot on the heels of a flurry of deals with big shots like Nvidia, Google, and Oracle, OpenAI announced today that it inked yet another one: a $38 billion partnership with Amazon.

Under the seven-year agreement, OpenAI will immediately start using Amazon Web Services’s infrastructure to run its software. And as if this AI marriage wasn’t bringing in enough big names already, Nvidia is also involved, of course: As part of the deal, OpenAI can access hundreds of thousands of Nvidia GPUs that are currently used by AWS data centers. While the deal will start with OpenAI using the data centers Amazon already has, Amazon will eventually begin to build new ones just for OpenAI.

The agreement is a blow to Microsoft, which was OpenAI’s only cloud provider until earlier this year, while it’s yet another sign that OpenAI’s hunger for computing power still hasn’t been satisfied.

“Scaling frontier AI requires massive, reliable compute,” explained OpenAI CEO Sam Altman in a statement.

Shares of Amazon jumped 4% on the news, while Nvidia gained 2.17%.

Big tech is making big deals

OpenAI’s latest deal helped buoy the entire market today, but it’s far from the only big AI news shaking up the industry.

Microsoft announced today that it’s going to spend over $15 billion on data centers and other AI infrastructure in the United Arab Emirates. As part of the deal, the US approved plans for Microsoft to send Nvidia chips to the UAE to build data centers.

That wasn’t all Microsoft has been up to. The company also signed a $9.7 billion deal with data center operator IREN to expand Microsoft’s computing capacity without the company having to actually build new data centers—sending shares of IREN, which was previously a bitcoin mining company but pivoted to AI—up 11.52% today.

And while all these AI deals make you worried about a bubble, Nvidia analysts aren’t sweating it. Loop Capital Markets raised its price target for Nvidia to $350, roughly 70% higher than where shares trade today. Analysts noted that even after reaching a $5 trillion market cap, demand for Blackwell chips is strong enough that Nvidia could one day see its valuation climb to $8.5 trillion.

If today was any indication, it’s going to be a newsy week for Silicon Valley. Maybe all these tech companies are just making all these announcements to drown out all the coverage of AI bubble fears. If that’s the plan, it seems to be working.—LB

🟢 What’s up

• Micron Technology jumped 4.88% after rival SK Hynix illustrated strong demand for memory and storage hardware.
• Data center construction company Cipher Mining soared 22.04% as the company signed a $5.5 billion lease agreement with Amazon Web Services.
• Veterinary product maker Idexx Laboratories skyrocketed 14.84% after beating revenue estimates, despite a decline in clinic visits.
• Amkor Technolog7 rose 17.22% on solid Q3 results, fueled by growing demand for advanced chip packaging.
• Ares Management popped 4.55% thanks to a 167% YoY jump in earnings, driven by strong performance in its secondaries business.

What’s down

• UniQure plummeted 49.34% following an FDA statement that its Phase I/II data for gene therapy may be insufficient for a Biologics License Application.
• Beyond Meat fell 16.01%, delaying its third-quarter results until Nov. 11 as it works to finalize a material noncash impairment charge.
• Adeia dropped 16.08% after slashing its full-year outlook and filing patent infringement lawsuits against AMD over 10 semiconductor patents.
• Kontoor Brands lost 9.29% due to a revenue miss and weak Q4 guidance overshadowing an earnings beat.
• Shutterstock fell 9.72% as the UK’s antitrust regulator launched an in-depth probe into its proposed $3.7 billion merger with Getty Images.

Kimberly-Clark is the new king of your local pharmacy.

The company has agreed to acquire Kenvue, the maker of Tylenol, in a deal worth $48.7 billion when all is said and done. Kimberly-Clark was already a consumer goods titan, with brands like Kleenex, Huggies, and Cottonelle, but Kenvue’s product portfolio, which includes Listerine, Band-Aid, and Neutrogena, will make it an absolute powerhouse.

Kenvue was spun off from Johnson & Johnson in 2023, and it’s been a wild ride ever since. The stock has fallen 24% in 2025 as both the White House and the Department of Health & Human Services linked Tylenol to autism, while activist investors circled like sharks. Those same shareholders are now breathing a sigh of relief, with Kimberly-Clark effectively bailing out their investments. Kenvue shares popped 12.32% today.

As for Kimberly-Clark itself, the deal will help it focus on higher-margin and higher-growth businesses like health and wellness products, which consumers don’t stop spending on no matter how the economy is doing. Acquiring Kenvue automatically makes the company the second-largest seller of health & wellness products in the world, behind only Procter & Gamble, according to Bloomberg.

Kimberly-Clark shareholders don’t seem sold: the stock fell 14.57% today.—MR

The pharma giants are fighting again—and this time, the claws are coming out.

It’s no secret that the battle for a bigger piece of the weight-loss drugs market has been a brutal one. Now, Novo Nordisk and Pfizer are in a knock-down, drag-out legal fight that centers around a small, relatively unknown biotech startup named Metsera.

Today, Pfizer filed its second lawsuit in under a week against Novo Nordisk and Metsera, arguing that Novo’s bid to acquire Metsera violates antitrust laws because it would allow Novo, a market share leader, to kill off new competition.

Let’s zoom out for a moment…

Novo Nordisk, the maker of Ozempic, was first out of the gate in the war for the hyper-lucrative weight-loss drug market. But after a slew of supply chain bungles, it lost its leadership to competitor Eli Lilly, which created its own versions of GLP-1 drugs.

Pfizer has been sitting on the sidelines, but it wants in on the weight-loss action. That’s why Pfizer set its sights on newcomer Metsera, a biotech company developing its own monthly weight-loss injection. Back in September, Pfizer offered to acquire Metsera for $4.9 billion, but up to $7.3 billion if you include future payments after meeting certain milestones.

But Novo Nordisk swooped in last week, offering its own deal to acquire Metsera for up to $8.5 billion. Metsera happily accepted the higher offer on Thursday, which is why Pfizer filed lawsuit number one against Novo and Metsera on Friday.

Pfizer’s argument in that suit is that Novo’s deal isn’t actually superior because future regulatory scrutiny means the acquisition is not likely to be completed. In its second suit, filed today, Pfizer says that Novo Nordisk is just being plain old anticompetitive.

What’s next? Novo and Metsera are fighting back against Pfizer’s lawsuit, and while it’s still far too early to tell who will come out on top, early analysis shows that Pfizer may actually have a point. Novo Nordisk shareholders might agree: Shares of the Danish pharma giant are down 7% over the last five days.

But no matter who emerges victorious, right now the big winner is Metsera: Shares are up over 16% in the last week—LB

• UPS completed its $1.6 billion acquisition of Andlauer Healthcare, expanding its footprint in medical logistics and transportation.
• The US economy is showing signs of a growing divide, with low-income consumers being hit hardest by inflation and rising prices.
• President Trump said he has “no idea” who Binance founder Changpeng Zhao is during a 60 Minutes interview.
• The Fed just carried out its largest liquidity injection since the pandemic, pumping $29.4 billion into the banking system through repo operations.
• Ripple is launching a spot crypto prime brokerage service in the US, aiming to offer institutional investors a comprehensive platform tailored to their trading strategies and needs.
• Cardboard box sales sank to their lowest third-quarter level since 2015, hinting at a slow holiday shopping season.

The government shutdown is still holding up key economic reports, including trade balance, factory orders, and job openings for September. That means investors and policymakers will have to keep guessing on the state of the economy for a little longer.

Earnings, on the other hand, will be anything but quiet. On deck: Saudi Aramco, AMD, Shopify, Uber, Arista Networks, Amgen, Eaton, Pfizer, Spotify, Nintendo, BP, Marriott, Ferrari, Apollo, Zoetis, Live Nation Entertainment, Super Micro Computer, Astera Labs, Pinterest, Toast, Cava, Wingstop, and Hertz.

Outside of markets, it’s Election Day across the country tomorrow. All eyes are on the New York City mayoral race between Zohran Mamdani and Andrew Cuomo as the 8.4 million residents of NYC decide who will lead the country’s biggest city.