“股权换采购”--AMD与OpenAI的协议是“半导体历史上罕见”的

Core Viewpoint - The agreement between AMD and OpenAI represents a groundbreaking financial instrument that transforms hardware sales into equity arrangements, linking AMD's valuation directly to OpenAI's infrastructure growth [2][3][4]. Group 1: Agreement Structure - AMD and OpenAI announced a GPU supply agreement potentially worth up to $90 billion, utilizing an unprecedented "equity-for-purchase" model [2]. - OpenAI will purchase up to 6 gigawatts of AMD Instinct GPUs, with AMD issuing warrants to purchase up to 160 million shares at a strike price of $0.01 per share [2][4]. - If AMD's stock reaches $600, the total value of OpenAI's 160 million shares could reach $96 billion, approximately equal to the hardware's value in the agreement [2]. Group 2: Strategic Implications - The agreement is seen as a win-win, providing AMD with a unique customer acquisition method while linking equity dilution to actual business growth [3][6]. - For OpenAI, the deal ensures a stable source of non-NVIDIA hardware and creates a potential self-funding pathway through the appreciation of its AMD shares [6][8]. Group 3: Financial Innovation - The financial structure of the agreement is designed to function like performance-based equity incentives, avoiding traditional equity dilution while maintaining governance control for AMD [4]. - The unlocking of shares is tied to specific performance metrics, including the deployment of the first gigawatt of MI450 GPUs and future GPU purchase volumes [4]. Group 4: Industry Paradigm Shift - This transaction signifies a shift in AI infrastructure financing, moving from mere capital expenditure to a financialized asset class [8]. - AMD's approach contrasts with NVIDIA's model, which relies on direct investments from partners, instead maintaining a core commercial transaction while incentivizing customer investment behavior [8]. Group 5: Risks and Challenges - The agreement faces execution risks, including supply chain stability and the ability to meet the substantial GPU deployment requirements [10][12]. - The lack of transparency regarding key equity vesting timelines and technical triggers complicates revenue recognition and equity allocation predictions [10].