Overview

• AMD will deliver hundreds of thousands of AI GPUs equivalent to roughly 6 gigawatts of capacity, with shipments beginning in the second half of 2026.
• OpenAI plans to build a 1 GW facility using AMD’s forthcoming MI450 series, with deployment starting next year.
• As part of the agreement, AMD issued a warrant letting OpenAI purchase up to 160 million AMD shares at $0.01 each in milestone-based tranches.
• Later warrant tranches require AMD stock to hit specified thresholds, including a price of $600 to unlock the final portion.
• AMD executives say the arrangement could drive dozens of billions of dollars in annual revenue and more than $100 billion over four years as OpenAI pursues a multi-supplier buildout that includes large commitments with Nvidia and Oracle.