The AI industry experienced an upswing in 2025: However, billion-dollar deals to expand infrastructure were also met with warnings of overvaluation. These were the biggest AI deals.
• 2025: AI deals worth billions
• Analysts warn of possible overvaluation
• Investment expansion is likely to continue in 2026
AI deals: billion dollar deals
According to UBS, global spending on artificial intelligence is increasing rapidly: by 2030, it is expected to exceed the $3 trillion mark annually. However, this sum includes not only investments in AI models, but also in data centers, energy supply and infrastructure. 2025 was marked by billion-dollar collaborations and takeovers – especially in the US market. The following are among the biggest deals in 2025, according to Forbes.
The biggest deal in 2025 is the “Stargate” project announced by Donald Trump, in which OpenAI, Softbank and Oracle are involved. With an investment volume of up to $500 billion, it is considered the largest infrastructure project in the history of AI to date and is expected to create over 100,000 new jobs. In parallel, OpenAI signed a $300 billion deal with Oracle to secure massive computing power – around 4.5 gigawatts – for its AI models over five years.
NVIDIA and OpenAI also deepened their partnership: NVIDIA is investing $100 billion in OpenAI and at the same time providing 10 gigawatts of its own systems for training future models. Other heavyweights followed: Amazon announced $50 billion to expand data centers for US government projects, while Anthropic is pouring the same amount into new AI sites in Texas and New York. Add to that Google’s $25 billion to expand its global data center infrastructure, Oracle’s $40 billion purchase of NVIDIA chips for the OpenAI data center in Texas, and several lower double-digit billion deals between Anthropic, Microsoft and Meta.
This brings the ten largest AI transactions of the year to well over a trillion US dollars – a historic high that underlines the strategic importance of AI for politics and business.
Worry about overvaluation
However, with the record wave of capital inflows, skepticism is also growing: according to Forbes, economists and investors are warning of a possible overvaluation of the AI sector. According to a survey by Bank of America, 53 percent of investors already consider AI stocks to be part of a speculative bubble. The background is an increasingly intertwined network of mutual investments: Microsoft, Amazon, Google, SoftBank and NVIDIA, for example, are cross-investing in OpenAI, Anthropic and other AI start-ups.
Market observers see parallels to the dot-com bubble at the turn of the millennium: many deals are closely linked financially, but there have been no profits so far. A study by MIT found that 95 percent of AI projects do not yet achieve any economic return despite investments of around $400 billion. Several AI chatbots – including ChatGPT, Grok and Perplexity – also described the current euphoria as potentially exaggerated in a Forbes survey.
Whether this dynamic turns out to be a sustainable structural change or a speculative bubble will probably become clear in 2026 – when many of the major projects now being financed will have to deliver results for the first time.
What to expect for 2026
At the same time, however, analysts expect the investment expansion to continue – albeit at a more moderate pace. According to io-Fund and Goldman Sachs, major technology companies will continue to increase their spending on data centers, GPUs and cloud capacity to meet the increasing demand for generative AI.
Forbes names NVIDIA, Microsoft and Alphabet as probably the biggest winners of the new year – they benefit directly from the expansion of the global AI infrastructure. While analysts from Morgan Stanley and Evercore ISI also expect a slower growth rate in 2026, they still see structural demand for AI systems, robotics and sovereign AI solutions. In the long term, the trend remains clear, according to NVIDIA CFO Colette Kress: “By the end of the decade, three to four trillion dollars will flow into AI infrastructure – and the annual investment level continues to rise.”
Editorial team finanzen.net
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