Overview

• Jensen Huang said he was surprised AMD would grant OpenAI warrants equal to roughly 10% of AMD before its next‑gen MI450 is built and said he learned of the pact only after it was announced.
• Nvidia’s agreement makes it an OpenAI investor and includes first‑time direct sales of systems and networking to help OpenAI become a self‑hosted hyperscaler, with Huang estimating $50–$60 billion per gigawatt of data center capacity and noting OpenAI lacks the cash to fund all plans today.
• AMD’s multi‑year deal commits about 6 GW of GPUs starting with MI450 in 2026, with AMD expecting tens of billions of dollars in revenue and OpenAI receiving stock warrants contingent on milestones.
• Altman told the a16z podcast that more large partnerships are coming as OpenAI pursues an aggressive infrastructure bet requiring broad industry support.
• OpenAI’s 2025 commitments span at least 10 GW with Nvidia, 6 GW with AMD, and 10 GW of U.S. facilities under its Stargate effort, with some reports estimating roughly $1 trillion in commercial agreements that critics have called circular financing.