OpenAI plans to spend $665 billion by 2030. Which stocks will benefit from this?

Investing.com - Bank of America stated in a report to clients on Tuesday that the significantly increased long-term revenue and expenditure forecasts for OpenAI indicate that the demand environment for artificial intelligence will expand substantially, having a major impact on large internet and cloud platforms.

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Bank of America analyst Justin Post cited the company’s financing materials, stating that OpenAI’s current goal is “to achieve $283 billion in revenue by 2030” and “to incur approximately $665 billion in cumulative expenses by 2030.”

Post said these forecasts “strengthen the demand thesis for AI and suggest that advertising, commercial, and productivity sectors will see larger AI-driven revenue pools.”

However, the analyst also emphasized profit pressures, noting reports that reasoning costs will “quadruple by 2025,” driving more compute purchases and causing gross margins to fall from “40% in 2024 to 33% in 2025.”

The bank indicated that by the end of this decade, OpenAI’s consumer business could become a major player in advertising. According to the company’s segmentation data, Bank of America pointed out that “ad revenue could reach approximately $45 billion to $75 billion by 2030,” which could represent a 1-2% annual headwind for Google, Meta, and Amazon.

In terms of infrastructure, Bank of America stated that OpenAI is shifting back to a partner-led model for large-scale compute infrastructure, creating more opportunities for hyperscale cloud service providers.

The analyst believes “Google and Amazon have incremental opportunities to provide capacity for OpenAI,” and added that hyperscale cloud providers can leverage existing cash flow and proprietary chips to compete for major AI infrastructure contracts.

Bank of America reaffirmed its positive outlook on the sector, saying that the updated forecasts reinforce the long-term demand drivers across the entire internet and cloud ecosystem.

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