AMD和OpenAI的循环AI经济，背刺老黄

Core Insights - AMD and OpenAI have announced a strategic partnership to deploy a total of 6 gigawatts of AMD GPUs for OpenAI's next-generation AI infrastructure, starting with an initial deployment of 1 gigawatt of AMD Instinct MI450 GPUs in the second half of 2026 [2][3][8] - The partnership aims to leverage AMD's leadership in high-performance computing and OpenAI's advancements in generative AI, creating a mutually beneficial relationship that enhances the AI ecosystem [4][5] - As part of the agreement, AMD has issued OpenAI warrants for up to 160 million shares of AMD common stock, which will vest as specific milestones are achieved, including the initial 1 gigawatt deployment [6][7] Deployment Details - OpenAI will deploy 6 gigawatts of AMD GPUs based on a multi-year, multi-generation agreement [8] - The first deployment of 1 gigawatt of AMD Instinct MI450 GPUs is expected to begin in the second half of 2026 [8] Financial Implications - The partnership is projected to generate tens of billions of dollars in revenue for AMD while accelerating OpenAI's AI infrastructure buildout [7] - The agreement is expected to significantly enhance shareholder value for both companies and is anticipated to be highly accretive to AMD's non-GAAP earnings-per-share [7] Market Context - OpenAI's estimated cost for the initial 1 gigawatt deployment is around $50 billion, with two-thirds allocated for chips and supporting infrastructure [11] - The collaboration is seen as a strategic move in the competitive landscape, especially in light of OpenAI's previous commitments to NVIDIA [13][16] AMD's Financial Performance - AMD reported a revenue of $7.7 billion in the latest quarter, a 32% year-over-year increase, driven by strong sales in data center, client, and gaming segments [24] - The data center segment generated $3.2 billion in revenue, a 14% year-over-year increase, despite challenges related to export restrictions on MI308 [24][25] AMD's Product Performance - The MI450 series is expected to perform competitively, but there are concerns regarding software optimization compared to NVIDIA's CUDA [20][22] - AMD's MI308 product has shown performance limitations in the domestic market, with reports indicating it only reaches 70% of NVIDIA's A100 performance [21][22][23]