OpenAI is tightening its ties with Amazon, saying its early investor and partner Microsoft was holding it back.

• Why it matters: The ChatGPT creator is under pressure to keep pace with its competitors as the AI economy evolves and an IPO looms.

🗣️ Driving the news: OpenAI's recently established cloud partnership with Amazon Web Services has generated "frankly staggering" demand from enterprise customers, new revenue chief Denise Dresser said in an internal memo.

• "We are firing on all cylinders" to scale AWS as a distribution channel, she wrote.

🥊 Friction point: OpenAI's Microsoft partnership has been "foundational" but limiting, Dresser said, hindering OpenAI's ability to meet customers where they are.

• "Many" of those customers are on Amazon's less-restrictive Bedrock platform, she said.
• The move comes after Amazon recently announced a $50 billion investment in OpenAI and a deal to become the exclusive third-party cloud distribution provider for OpenAI Frontier, its new agent-management platform.

😬 Behind the scenes: Tension between Microsoft and OpenAI has been palpable.

• Microsoft, which declined to comment for this story, started describing OpenAI as a competitor in 2024.

In the Sunday memo, Dresser also ripped OpenAI rival Anthropic, saying the Claude creator is constructing a narrative "on fear" and "restriction."

• Anthropic CEO Dario Amodei has repeatedly aired public warnings about the technology's dangers.
• OpenAI's "positive message will win over time: build powerful systems, put in the right safeguards, expand access, and help people do more," Dresser said.

The bottom line: AI's biggest alliances are shifting.

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Goldman Sachs delivered one of its strongest quarters ever, with a spike in volatility — from the Iran war to AI-disruption fears and private credit jitters — supercharging its equities trading business, Axios' Pete Gannon writes.

• The firm's stocks division pulled in $5.33 billion in revenue for the quarter — a Wall Street record.
• Dealmaking was also strong, with advisory fees up 89% from a year ago.

Yes, but: Investors are focused on what comes next — and whether the good times will last.

⚠️ Zoom in: "There is no question that with the conflict in the Middle East, IPO activity slowed a little bit, particularly in March," CEO David Solomon said on the earnings call.

• "2026 began with a degree of optimism," he said, noting that clients were focused on growth, strategic activity and capital deployment." But "as we've said, things rarely move in a straight line. And as the quarter progressed, the macro environment started to weigh on sentiment."

📉 Goldman shares closed down 1.9%.

Solomon struck an optimistic tone, pointing to a robust IPO pipeline, "extremely resilient" markets and a healthier private credit landscape than headlines suggest.

• What we're watching: Investors will also be listening for signals from Goldman's peers, as JPMorgan Chase, Bank of America and Morgan Stanley report later this week.

💻 Nvidia is reportedly considering an acquisition that would "reshape the PC landscape." The report by tech site SemiAccurate gave a boost to shares of Dell Technologies and HP. (Bloomberg)

⚖️ A federal judge tossed a defamation lawsuit filed by President Trump against the Wall Street Journal over a story describing a "bawdy" birthday letter bearing the president's name that was reportedly given to Jeffrey Epstein. (Axios)

The restaurant loyalty wars are escalating — and Chipotle is piling on freebies in a revamped rewards push, Axios' Kelly Tyko writes.

• The burrito chain today announced a redesigned program, "Rewards on Repeat," with more frequent giveaways, expanded redemption options and a refreshed app experience.

Why it matters: Loyalty programs have become a key battleground for winning younger diners and driving repeat visits, as chains invest heavily in perks, personalization and app engagement.

• ☕️ Starbucks recently overhauled its rewards program with new tiers and perks tied more closely to customer engagement, aiming to boost visits without relying on heavy discounting.
• 🍔 McDonald's continues to expand app-based deals and rewards globally to drive digital engagement.

What we're watching: Richer rewards come at a cost — and as more chains pile on perks, they risk training customers to expect discounts.

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