Tech Report: OpenAI strikes $300 billion deal with Oracle, Klarna surges in Wall Street debut

OpenAI has signed a massive agreement to purchase $300 billion in computing power from Oracle over five years, beginning in 2027.

(LILAMAX)- OpenAI has signed a massive agreement to purchase $300 billion in computing power from Oracle over five years, beginning in 2027. The deal ranks among the largest cloud contracts ever signed and highlights the central role artificial intelligence is expected to play in the global economy. Analysts at Morgan Stanley estimate that spending on chips, servers, and data-center infrastructure will reach $2.9 trillion between now and 2028.

Meanwhile, buy-now-pay-later app Klarna made its long-anticipated Wall Street debut, with shares climbing as much as 30 percent. The company is one of several installment-payment services that have grown in popularity in recent years as consumers increasingly opt for alternatives to credit cards.

Amazon is also making moves in the tech space. Its autonomous vehicle unit Zoox began offering free rides in Las Vegas this week, marking Amazon’s first official entry into the U.S. robotaxi market currently dominated by Alphabet’s Waymo. Amazon acquired Zoox in 2020 for $1.3 billion.

In another expansion, Amazon announced a partnership with Netflix to give advertisers access to the streaming giant’s ad inventory through its demand-side platform. The agreement builds on Amazon’s existing partnerships with Disney, Paramount, NBCUniversal, and Warner Bros. Discovery, and is expected to roll out in the last quarter of 2025.