Chipmaker Nvidia is planning to sell $25 billion of investment-grade debt in the US on Monday, its first bond sale in five years, in a test of investor appetite for further exposure to the AI sector.

In a marquee seven-part bond offering, the company will issue a wide range of maturities from two years to 30 years, according to a term sheet seen by the FT.

The issuance was upsized from $20 billion after receiving more than $85 billion in orders by early afternoon in New York, according to people familiar with the deal.

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OpenAI is preparing the biggest overhaul of ChatGPT since its launch kicked off the AI boom, as the $850 billion group hunts for new engines of growth ahead of a planned listing this year.

The company intends to transform the chatbot into a “superapp” that combines coding tools and AI agents, adding products that executives believe will generate more revenue.

The changes are part of a broader reorganization at OpenAI as the San Francisco-based company shifts resources into trying to win lucrative business customers and compete more fiercely with rival Anthropic, according to more than a dozen current and former employees.

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