Overview

• AMD confirmed a multi-year agreement to supply GPUs equivalent to six gigawatts for OpenAI, with the first one‑gigawatt MI450 deployment slated for the second half of 2026.
• OpenAI received a warrant to buy up to 160 million AMD shares at $0.01 that vests in tranches tied to rollout milestones and escalating AMD share‑price targets, with reports of a final target up to $600.
• AMD executives said the arrangement is expected to deliver tens of billions of dollars in annual revenue and more than $100 billion in new revenue over four years including knock‑on effects.
• Investors reacted sharply as AMD shares jumped roughly 27% to more than 35% in early trading following the announcement.
• The AMD pact complements OpenAI’s broader compute strategy, including a recent Nvidia letter of intent for 10 gigawatts and up to $100 billion, Oracle data‑center capacity plans, and custom‑silicon work with Broadcom.