Hua Er Jie Jian Wen·2025-10-07 01:52Core Insights - OpenAI is not just an AI company but is building an interconnected corporate empire through cross-shareholding and mutual dependencies within the AI industry [1] - The recent agreement with AMD signifies a strategic move to deepen ties with key suppliers, ensuring OpenAI's success is linked to the entire AI supply chain [1][2] Group 1: Strategic Partnerships - OpenAI's collaboration with AMD mirrors its previous deal with Nvidia, where OpenAI commits to large-scale purchases of high-end chips in exchange for stable revenue for the chip manufacturers [1][2] - AMD's provision of warrants allows OpenAI to acquire 10% of AMD at a minimal cost, potentially worth up to $96 billion if AMD's stock reaches $600 [2] Group 2: Market Dynamics - The partnerships with Nvidia and AMD are crucial for OpenAI's growth, leveraging its significant computing power needs to secure deep commitments and financial backing from chip suppliers [2] - AMD aims to achieve $200 billion in chip sales through its relationship with OpenAI, which could represent seven years of its total revenue [2] Group 3: Interconnected Relationships - OpenAI's network extends beyond chip manufacturers, involving key players like Nvidia, Microsoft, and Google, creating a complex web of interdependencies [3][4] - Nvidia holds stakes in CoreWeave, a data center company that OpenAI also invests in, highlighting the intricate relationships within this ecosystem [3] Group 4: Historical Context - The strategy of cross-shareholding to strengthen supply chain relationships is reminiscent of traditional Japanese keiretsu models, which fostered non-adversarial cooperation between suppliers and customers [7] - While beneficial, this arrangement may pose risks if issues arise, potentially leading to mutual losses for companies heavily reliant on OpenAI [7]