Amazon is in early discussions to invest up to $10 billion in OpenAI in a deal that would see the AI ​​lab use the e-commerce giant’s AI chips, CNBC reported.

If it goes through, the deal will value OpenAI at more than $500 billion, Bloomberg reported reportedciting an anonymous source.

Amazon is looking to diversify its bets in the AI ​​race, which has so far seen it partner and invest $8 billion in Anthropic, an OpenAI rival. The e-commerce giant earlier this month also unveiled its latest iteration Trainium series of chipsand outlined the development of the next installment of those chips, which complement its cloud computing offerings through Amazon Web Services.

News of the deal comes a few months later OpenAI has completed its transition to a for-profit modelwhich gives it more freedom to strike deals with investors other than Microsoft, one of the company’s earliest backers with a 27% stake.

Amazon’s investment in OpenAI will mark the latest in a series of circular deals in the AI ​​space – major hardware manufacturers and cloud providers are striking young AI companies to use their products, while new startups are committed to using their data centers and chips for training their AI models.

This past March, OpenAI investments failed $350 million in equity in CoreWeave, which used the funds to buy chips from its backer Nvidia. Those same chips provide computation to OpenAI, which increases CoreWeave’s revenue and ultimately makes OpenAI’s stake more valuable. Then in October, OpenAI signed a deal to take a 10% stake in AMD and committed to using the chipmaker’s AI GPUsand also signed an agreement to use the chip with Broadcom that month. And in November, the creator of ChatGPT signed on a $38 billion cloud computing deal with Amazon.

OpenAI and Amazon did not immediately respond to requests for comment.