Financial Performance (Q3 2024) - Revenue reached $9535 million, a decrease of 16% compared to $11290 million in Q3 2023[42] - Net loss was $4553 million, primarily due to non-cash adjustments[14] - Adjusted EBITDA was $101 million[14] - Cash balance stood at $253 million[14] Segment Performance (Q3 2024) - Self-Mining revenue was $6814 million, a decrease of 18% compared to $8306 million in Q3 2023[19, 44] - Hosting revenue was $1688 million, a decrease of 38% compared to $2702 million in Q3 2023[19, 44] - HPC revenue was $1034 million, a 100% increase compared to Q3 2023[19, 44] Strategic Initiatives - Signed HPC hosting contracts for approximately 500 MW with potential revenue of $87 billion over 12 years[14, 27] - Refinanced debt, adding cash and eliminating covenants with a $460 million convertible note offering[14] - Reallocated 100 MW of infrastructure from bitcoin mining to HPC hosting[10] Bitcoin Mining - Earned 1115 bitcoin[14] - Operated at 204 EH/s self-mining hash rate[14] - Cash cost to self-mine a bitcoin in Q3 2024 was $42351[26]

Supply Chain Analysis - OpenAI plans to deploy 1 GW of AMD MI450 systems in the second half of 2026 [1] - AMD's current CoWoS order plan, estimated at 60K-80K wafers in 2026 (80-90% for MI400 series), is sufficient to support the 1 GW build-out [2] - 1 GW MI450 deployment translates to roughly 50K CoWoS-L wafers [2] Beneficiaries and Suppliers - Suppliers tied to HBM and UALink are the main beneficiaries of OpenAI's AMD order [3] - Samsung is the primary supplier of HBM4 for the MI450 [3] - Strong order visibility should positively impact the stock prices of related suppliers like Astera Labs [3] Competitive Landscape - Rolling out 1 GW of MI450 systems is unlikely to be without challenges, based on Nvidia's experience [4] - Nvidia is actively increasing competition before AMD's rack-level servers start shipping in volume [4] - OpenAI's partnership with AMD should have a limited impact on Nvidia, provided the overall AI compute market continues to expand [4]