On October 6 (local time), AMD and OpenAI unveiled an expanded partnership. Under this collaboration, OpenAI plans to deploy a massive 6 gigawatts of AMD GPU computing power. It will leverage AMD's Instinct series GPUs to fuel its next - generation AI infrastructure. The initial deployment of 1 gigawatt of GPUs is projected to take place in the second half of 2026.

As a key element of this partnership, AMD has issued a warrant to OpenAI. This warrant grants OpenAI the right to purchase up to 160 million shares of AMD's common stock in the future at a nominal exercise price of just $0.01 per share. In the context of Western financial markets, a warrant is a financial instrument that gives the holder the right, but not the obligation, to buy or sell an underlying asset (in this case, AMD's common stock) at a specified price within a certain period. Once OpenAI successfully completes the chip deployment and AMD's stock price hits specific targets, OpenAI will be in a position to acquire these shares at an extremely low cost. This could potentially make OpenAI a shareholder with an approximate 10% stake in AMD.

Following the announcement of this partnership, AMD's stock price experienced a significant surge. In the financial world, such a surge is often a sign of market confidence in the potential benefits of the collaboration. It reflects investors' anticipation that the partnership will bring positive outcomes, such as increased revenue, enhanced technological capabilities, and a stronger competitive position for AMD in the AI chip market.