The all-stock deal with OpenAI values Ive’s AI hardware startup io at $6.5 billion—and is set to be a major windfall for the man who designed the iPhone.

Jony Ive's career was mainly at Apple, designing products like the iPhone and Mac. Now he'll work at OpenAI, which bought his AI device startup io.

The acquisition gives OpenAI full control of the Jony Ive's io, an AI-first hardware company, as it moves to build new AGI-era devices beyond smartphones and traditional interfaces