Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 joshua.meyers@jpmorgan.com J.P. Morgan Securities LLC North America Specialist Sales J P M O R G A N 06 October 2025 AMD (): OpenAI Deal Thoughts/Initial Feedback Joshua Meyers +1 617 310 0767 joshua.meyers@jpmorgan.com Some quick thoughts/feedback ahead of AMD's investor call at 8am (register here). Our global team (Gokul Hariharan, Samik Chatterjee, Jay Kwon, Harlan Sur and Stephen Tusa) is also hosting a call on Implications from Open AI's exp ...

闻乐 发自 凹非寺 量子位 | 公众号 QbitAI OpenAI和AMD也合作了。 前者承诺未来数年要部署总计 6GW 的AMD GPU算力，首批1GW在2026年下半年开始部署。 后者则是送上认股权证，允许OpenAI以 每股1美分 这 近乎白给 的价格，最多拿下自家 1.6亿股普通股 。 如果OpenAI全部行权，直接就能成为持有AMD约10%股份的重要股东。 消息一经公布，AMD市值从约2672亿美元暴涨634亿美元达到3306亿，并且持续上涨，已经超过3400亿美元。 如果按AMD的3400亿市值来算，OpenAI相当于花160万买了市值340亿的AMD股票…… 英伟达前脚刚对OpenAI豪掷1000亿美元投资，后脚OpenAI转身就拿下AMD 10%的股份。 这一来一回，也算英伟达间接持股AMD了（doge）。 OpenAI将部署6GW AMD GPU算力 这次的合作协议内容十分丰富。 OpenAI将在未来数年内部署总计6GW的AMD GPU算力，首批1GW的芯片部署将于2026年下半年启动，后续还将逐步推进，覆盖AMD未来 多代Instinct产品。 而入股这一关键举措，是通过AMD向OpenA ...

Summary of Key Points from the Conference Call Company and Industry Overview - The conference primarily focuses on AMD (Advanced Micro Devices) and its advancements in AI technology and computing infrastructure, particularly in the context of data centers and high-performance computing [2][18][106]. Core Insights and Arguments 1. **AI Market Growth**: AMD anticipates the data center AI accelerator Total Addressable Market (TAM) to exceed $500 billion by 2028, with inference expected to grow over 80% annually, becoming the largest driver of AI compute [8][9][10]. 2. **Product Launches**: AMD introduced the MI 350 series, claiming a 4x generational leap in AI compute performance, with the MI 355 model supporting up to 520 billion parameters on a single GPU [42][45][46]. 3. **Performance Metrics**: The MI 355 series reportedly delivers 35x higher throughput for real-time applications and up to 4.2x higher performance for various AI applications compared to previous generations [47][48]. 4. **Strategic Partnerships**: AMD has established strong collaborations with major companies like Meta and Oracle, focusing on optimizing AI workloads and enhancing performance through integrated solutions [20][57][90]. 5. **Open Ecosystem Commitment**: AMD emphasizes the importance of an open ecosystem for AI development, highlighting its commitment to supporting open standards and frameworks to foster innovation [15][16][32]. Additional Important Content 1. **Customer Engagement**: AMD has seen significant adoption of its MI 300 and MI 355 products among top AI companies, with seven of the top ten model builders utilizing AMD's technology [20][19]. 2. **Sovereign Computing Initiatives**: AMD is actively engaging with governments and research institutions globally to build high-performance computing infrastructure, focusing on open standards and flexible architectures [106][107]. 3. **Acquisitions and Investments**: AMD has made strategic acquisitions to enhance its capabilities in AI and computing, including the acquisition of ZT and investments in various AI startups [17][18]. 4. **Future Outlook**: AMD is already in development for the MI 400 series, expected to launch in 2026, indicating a continuous commitment to innovation in AI computing [43]. This summary encapsulates the key points discussed during the conference, highlighting AMD's strategic direction, product advancements, and market positioning within the AI and computing landscape.