Which stocks will benefit as OpenAI targets $665 billion spend by 2030

Investing.com -- Bank of America told clients in a note Tuesday that OpenAI’s sharply higher long-term revenue and spending projections point to a significantly larger demand environment for artificial intelligence, with major implications for large internet and cloud platforms.

Citing reports on the company’s fundraising materials, BofA analyst Justin Post said OpenAI now targets “$283bn revenue by 2030,” alongside “cumulative compute spending of ~$665bn through 2030.”

According to Post, the projections “strengthen the AI demand thesis and suggest a larger AI-driven revenue pool across ads, commerce, and productivity.”

But the analyst also highlighted profitability pressures, noting reports that inference costs “quadrupled” in 2025, driving more compute purchases and contributing to a decline in gross margin to “33% in 2025, from 40% in 2024.”

The bank stated that OpenAI’s consumer business could become a major advertising player by the end of the decade. Based on the company’s breakdown, BofA pointed to the potential for “~$45bn-$75bn in ad revenue by 2030,” which could equate to “a 1-2% annual sector revenue headwind” for Google, Meta, and Amazon.

On the infrastructure side, BofA said OpenAI’s pivot back to a partner-led model for its large-scale compute build-out creates further opportunity for hyperscalers.

The analyst sees “incremental opportunities for Google and Amazon to provide OpenAI with capacity,” adding that hyperscalers can use established cash flows and proprietary chips to compete for major AI infrastructure contracts.

BofA reaffirmed its positive view on the sector, saying the updated projections reinforce long-term demand drivers across the internet and cloud ecosystem.

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