Overview

• AMD confirmed a multi‑year pact to supply roughly 6 gigawatts of next‑gen MI450 GPUs starting in 2026, paired with OpenAI warrants for up to 160 million AMD shares—about 10% of the company—as AMD projects “tens of billions” in revenue.
• Nvidia’s separate arrangement includes an investment of up to $100 billion and direct sales to OpenAI for at least 10 gigawatts of AI infrastructure, with Jensen Huang saying he was not aware of the AMD deal beforehand and calling AMD’s 10% equity grant surprising.
• Sam Altman said more large infrastructure partnerships are coming, adding to 2025 commitments that include the $500 billion Stargate build with Oracle and SoftBank and a $300 billion Oracle cloud agreement.
• Investors and critics, including Jim Chanos, questioned the equity‑for‑compute structures as circular or vendor financing that may subsidize OpenAI’s buildout.
• AMD shares jumped sharply following the announcement, while executives and researchers highlighted the practical hurdles, estimating $50–$60 billion per gigawatt and power needs comparable to major cities for multi‑gigawatt deployments.