Morning brief: OpenAI eyes massive funding as copper hits record highs

On Thursday, global markets and geopolitics were shaped by a mix of accelerating artificial intelligence investment, volatile Asian equities, renewed UK-China diplomacy, and a powerful rally in commodities.

OpenAI funding signals acceleration in AI arms race

OpenAI, the creator of ChatGPT, is on track to raise tens of billions of dollars from existing and new investors, highlighting the pace at which the AI boom is intensifying.

According to reporting by The Information, the company could raise as much as $100 billion in the coming weeks.

Existing backers are expected to play a central role.

NVIDIA plans to invest up to $30 billion, drawing on the gains it has made during the AI-led surge in chip demand.

Microsoft, which spearheaded OpenAI’s early funding, is set to contribute about $10 billion, while Amazon is expected to invest between $10 billion and $20 billion.

Amazon’s investment is structured differently, with commitments tied to OpenAI using Amazon’s chips and cloud services for about seven years.

At the same time, SoftBank, led by Masayoshi Son, is planning to invest $60 billion, a year after providing more than $40 billion in financing.

Middle Eastern investors could add as much as $50 billion.

The funding would support OpenAI’s rising cash burn, estimated at $9 billion in 2025, and help finance major infrastructure deals with companies including Broadcom, Oracle, and CoreWeave.

The company is also preparing for a potential IPO this year or next, possibly after gauging investor appetite through the anticipated listing of Anthropic.

Asian markets jittery as AI capex collides with policy risk

Asian equities showed mixed performance.

South Korean stocks surged, with the Kospi up 1.09% on the day and 23% for January, while Taiwan’s market has gained nearly 13% this month.

Japan’s Nikkei edged higher, held back by currency volatility and rising bond yields.

Indonesia stood out on the downside. The Jakarta Composite Index suffered a second session of sharp losses after MSCI Inc. warned about ownership concentration and trading transparency.

Goldman Sachs cut its rating on Indonesian equities following the warning.

In the US, stock futures were subdued.

Microsoft shares slid 6.5% in extended trading amid concerns that its heavy AI-related capital expenditure may not deliver sufficient returns.

Meta Platforms, by contrast, raised its revenue and capex outlook for 2026, sending its shares up 6% after hours.

“A common theme so far from META and MSFT is the larger-than-expected capex spending, indicating the upward momentum for AI spending,” JPMorgan analysts said.

Starmer seeks reset in UK-China relations

UK Prime Minister Keir Starmer met Chinese President Xi Jinping in Beijing, marking the first visit by a British leader in eight years.

Starmer described engagement with China as a pragmatic choice, calling for a “mature” relationship with the world’s second-largest economy.

“I have long been clear that the UK and China need a long-term, consistent and comprehensive strategic partnership,” Starmer said.

He added that the two sides should “identify opportunities to collaborate, but also allow a meaningful dialogue on areas where we disagree”.

Xi stressed the importance of “dialogue and cooperation” amid a “complex and intertwined” global environment.

Starmer’s three-day trip includes meetings in Beijing and Shanghai and is accompanied by a delegation of nearly 50 UK businesses, including HSBC, British Airways, AstraZeneca, and GSK.

Copper surges as commodities rally broadens

Copper prices jumped to a record as base metals extended a strong start to 2026.

Three-month copper futures on the London Metal Exchange rose as much as 6.7% to $13,967 a ton, taking year-to-date gains to 12%.

Aluminum hovered near a four-year high, while zinc climbed almost 3%.

The rally has been fueled by expectations of stronger US growth, rising investment in data centers, robotics, and power infrastructure, and a weaker dollar.

“Under the cycle in which the US maintains interest rate cuts, the expectation for upward movement in copper prices has not changed,” said Chi Kai, chief investment officer at Shanghai Cosine Capital Management Partnership.

The surge in metals underscores how AI-driven investment, macro policy shifts, and geopolitics are increasingly intersecting across global markets.

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