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Bond Market News
Microsoft Signs $9.7bn Deal with IREN; OpenAI Signs $38bn Deal with AWS
November 4, 2025
Microsoft signed a $9.7bn deal with data-center operator IREN. The five-year deal includes access to Nvidia’s advanced chips in order to cash upon the the artificial intelligence boom. It is expected to allow Microsoft to expand computing capacity without building new data centers or securing additional power. The deal will also help Microsoft avoid heavy capital spending on chips that may lose value as newer, more powerful processors arrive, thus keeping them at the forefront of the latest technological advancements. Separately, OpenAI has signed a $38bn deal with Amazon Web Services (AWS). It will therefore be able to access Nvidia’s graphics processing units in the US, run workloads on AWS infrastructure, and make plans to expand capacity. This is one of OpenAI’s biggest moves away from Microsoft, which was the company’s exclusive cloud provider until earlier this year.
Microsoft’s bonds were trading marginally lower, with its 3.5% 2035s down 0.5 points to 94 cents on the dollar, yielding 4.3%.
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