OpenAI-Broadcom Agreement Sends Shares of Chipmaker Soaring

Broadcom Inc. became the latest chipmaker to forge a blockbuster data center deal with OpenAI, triggering a rally that added more than $150 billion to its market value.

In a pact announced Monday, OpenAI agreed to buy custom chips and networking components from Broadcom to help power its artificial intelligence services. OpenAI had already struck deals for data centers and chips that easily top $1 trillion, and the company plans to spend tens of billions of dollars more on Broadcom chips, according to people familiar with the matter.