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The Big Sip
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OpenAI's multi-billion-dollar deal with AMD includes a warrant structure that pays OpenAI if AMD meets certain milestones.
AMD announced a deal on Monday to supply 6 gigawatts of Instinct GPUs to OpenAI across multiple hardware generations, issuing warrants for 160 million AMD shares that vest only when performance and price targets are met.
AMD is offering OpenAI equity rather than collecting billions in cash upfront. The warrants pay off only if AMD delivers chips that make OpenAI successful, thereby aligning the incentives of both companies.
Will the first 1-gigawatt MI450 chip rollout hit its second-half 2026 deadline, and will AMD's stock reach the $600 trigger that maximizes warrant value for OpenAI?
Reciepts
• [Report] CNBC coverage of AMD-OpenAI deal, 6 Oct 2025 — Details on stock surge and warrant structure tied to milestone achievements
• [Report] AMD official press release, 6 Oct 2025 — Confirms 6-gigawatt total deployment starting with MI450 series in H2 2026
• [Analysis] Fortune on Nvidia competition, 6 Oct 2025 — Counter-perspective arguing Nvidia's ecosystem advantages and recent $100B OpenAI deal make AMD's challenge significant despite warrant alignment
Counter-read: options aren’t cash. The upside only materializes if AMD ships on schedule, yields hold, software stacks mature, and OpenAI delivers the promised capacity. Miss those, and the equity sweetener is just a press-release cameo. Advanced Micro Devices, Inc.
AMD's stock jumped 24% on the news. Wall Street loves a deal where getting paid requires actually delivering value. Novel concept.