Overview

• AMD will supply AI accelerators starting with a 1‑gigawatt tranche in H2 2026, with capacity contemplated to scale to 6 gigawatts over multiple years.
• OpenAI receives warrants for up to 160 million AMD shares at $0.01 each, vesting in tranches tied to deliveries and stock‑price milestones that rise to $600.
• AMD projects revenue from the agreement in the several‑tens‑of‑billions range and sees broader AI‑chip upside potentially exceeding $100 billion in coming years.
• Shares of AMD jumped roughly 25%–35% on the announcement, touching record highs as investors priced in the new long‑term demand.
• The pact diversifies OpenAI’s supply beyond its recently announced 10‑gigawatt Nvidia deal, with AMD hardware expected to support large‑scale deployments subject to data‑center power availability.