Microsoft, the biggest investor in OpenAI and its principal cloud partner, is losing its designation as exclusive provider of computing capacity for the artificial intelligence startup.

In a blog post on Tuesday, Microsoft said that it’s still in a favorable position with OpenAI. Going forward, when OpenAI seeks additional capacity, Microsoft will have the “right of first refusal” before OpenAI checks with other parties.

The change in their relationship was disclosed as part of President Donald Trump’s announcement of the Stargate Project, a joint venture with OpenAI, Oracle and Softbank to invest billions of dollars in AI infrastructure in the U.S. Executives from those companies committed to invest an initial $100 billion and up to $500 billion over the next four years in the project, which will be set up as a separate company.

Oracle is a “key initial technology partner” alongside Arm, Microsoft and Nvidia in setting up data center infrastructure, OpenAI said in a blog post.

“The data centers are actually under construction,” Oracle Chairman Larry Ellison said at a press conference at the White House, alongside Trump. “The first of them are under construction in Texas. Each building is a half a million square feet. There are 10 buildings currently being built, but that will expand to 20 and other locations beyond the Abilene location, which is, which is our first location.”

Oracle shares jumped 7% on Tuesday.

In 2019, three years before the launch of ChatGPT, Microsoft invested $1 billion in OpenAI, which committed to moving its services to Azure. As OpenAI’s computing needs expanded, Microsoft signed contracts with third-party cloud providers, such as CoreWeave, to supplement its Azure cloud infrastructure.

Oracle entered the mix last year. The database software maker, which trails Amazon, Microsoft and Google in the cloud market, said in June that Microsoft’s Azure AI platform would be extended to Oracle’s cloud.

OpenAI said on Tuesday that it will continue to increase consumption of Azure, and Microsoft said OpenAI recently made “a new, large Azure commitment” for products and model training. Microsoft still has rights to OpenAI’s intellectual property, which can go in products such as Copilot. And it still has the exclusive on supplying computing requests for OpenAI’s application programming interface.

But the relationship has shown signs of strain, and Microsoft named OpenAI as a competitor in July. Microsoft CEO Satya Nadella talked about OpenAI CEO Sam Altman’s big ambitions on a podcast with investors Brad Gerstner and Bill Gurley that was released in December.

“What he wants to do, I have to accommodate for, so that he can do what he does,” Nadella said. “And he needs to accommodate for the discipline that we need on our end, given the overall constraints that we may have.”

WATCH: President Trump speaks on AI infrastructure investment

Nvidia passed Apple in market value on Tuesday, once again becoming the most valuable publicly-traded company in the world.

Shares of the chipmaker rose over 1% on Tuesday, and shares are up about 4% so far in 2025 after rising 171% in 2024 and nearly 239% in 2023, reflecting insatiable demand for the company’s artificial intelligence chips.

Meanwhile, Apple shares slid 4% on Tuesday. They’re now down 12% this year after gaining 30% in 2024. The iPhone maker has developed its Apple Intelligence suite of AI features for its phones and laptops, but its business doesn’t have the same level of exposure to the AI boom.

Nvidia has the vast majority of market share for graphics processing units, or GPUs, which have become essential for developing and deploying AI software such as OpenAI’s ChatGPT. While revenue growth has slowed, it still nearly doubled to $35.08 billion in the most recent quarter.

Apple was the first company to reach the $1 trillion, $2 trillion and $3 trillion market cap milestones. Nvidia previously passed Apple in June and then again in November.

On Tuesday, Nvidia had a market cap of about $3.4 trillion, versus Apple at $3.3 trillion.Microsoft is just behind them at $3.2 trillion. A major buyer of Nvidia’s GPUs. Microsoft said earlier this month that it expected to spend $80 billion on AI data centers in fiscal 2025.

In November, Nvidia joined the Dow Industrial Average, replacing Intel, and joining Apple and Microsoft in the blue-chip index.

WATCH: Nvidia’s outperformance will continue and growth rates will remain higher

Reddit shares rose over 7% to a record high Tuesday after Raymond James analysts raised their price target and reiterated their “strong buy” rating for the social media platform.

The company’s shares reached $191 during midday trading, topping a previous high of $182 on Jan. 6. Reddit shares passed $100 for the first time in late October after the company reported third-quarter financial results that beat Wall Street expectations.

Raymond James analysts said in a Tuesday note that they would raise their Reddit price target to $200 from $150, largely due to their “conviction” that Reddit can expand its business internationally.

The company is planning to attract more users outside its core U.S. market as it looks to expand its advertising business, Reddit Chief Operating Officer Jen Wong told CNBC in November. Reddit’s third-quarter sales, which are predominantly online advertising, rose 68% year-over-year to $348.4 million.

Reddit’s increase use of artificial intelligence to automatically translate its site text to different languages like Portuguese, French, Spanish, Philippines and German “should help improve local search rankings for Reddit and provide durable hypergrowth,” the Raymond James analysts wrote.

The company’s AI-translation efforts are key to its international expansion, Wong told CNBC in November. Reddit’s fastest-growing regions in regards to users include the U.K., the Philippines, India and Brazil, she said.

“That points to a lot of our future user growth opportunity definitely outside of the U.S. and local language,” Wong said. “Every language is an opportunity for another Reddit.”

The company also continues to be one of the top five most searched websites, the Raymond James analysts said, citing the SimilarWeb research firm. Reddit’s “authentic and uniquely moderated (community system) content” will help the company stay on top of search results, ultimately resulting in more Reddit users creating accounts, the analysts wrote.

Reddit makes more money on logged-in users who have accounts rather than logged-out users, who have been visiting the platform more often over the past year due to internal site improvements and a previous Google search algorithm change that favored “authentic” content.

The Raymond James analysts noted in a section on “risks” that Reddit could suffer from “unfavorable Google search algo updates” that push the site lower in search results and slower rates in converting those logged-out users into the more financially lucrative logged-in counterparts.

Watch: Steven Mnuchin on TikTok: We’d be very interested in investing the business