原文標題： AMD stock skyrockets 25% as OpenAI looks to take stake in AI chipmaker 原文連結： https://www.cnbc.com/2025/10/06/openai-amd-chip-deal-ai.html 發布時間：Mon, Oct 6 20256:52 AM EDT 記者署名：MacKenzie Sigalos 原文內容： OpenAI and Advanced Micro Devices have reached a deal that could see Sam Altman’s company take a 10% stake in the chipmaker. OpenAI 與超微半導體公司（AMD）達成協議，根據協議，Sam Altman 所領導的公司可能 取得該晶片製造商 10% 的股權。 AMD stock skyrocketed more than 25% Monday during premarket trading following the news. 消息傳出後，AMD 股價在週一盤前交易中暴漲超過 25%。 OpenAI will deploy 6 gigawatts of AMD’s Instinct graphics processing units over multiple years and across multiple generations of hardware, the companies said Monday. It will kick off with an initial 1 gigawatt rollout of chips in the second half of 2026. 雙方週一表示，OpenAI 將在未來幾年內部署總計 6 吉瓦（GW）的 AMD Instinct GPU， 涵蓋多代硬體。首批部署將於 2026 年下半年啟動，初始規模為 1 吉瓦的晶片。 As part of the tie-up, AMD has issued OpenAI a warrant for up to 160 million shares of AMD common stock, with vesting milestones tied to both deployment volume and AMD’s share price. 作為合作的一部分，AMD 向 OpenAI 發行最多 1.6 億股普通股認股權憑證，其歸屬條件 與晶片部署量及 AMD 股價掛鉤。 The first tranche vests with the first full gigawatt deployment, with additional tranches unlocking as OpenAI scales to 6 gigawatts and meets key technical and commercial milestones required for large-scale rollout. 第一批認股權將在完成第一個完整的 1 吉瓦部署後生效；隨著 OpenAI 部署規模擴大至 6 吉瓦並達成關鍵技術與商業里程碑，後續批次將逐步解鎖。 If OpenAI exercises the full warrant, it could acquire approximately 10% ownership in AMD, based on the current number of shares outstanding. 若 OpenAI 全部行使認股權，按當前流通股數計算，將可持有約 10% 的 AMD 股權。 The ChatGPT maker said the deal was worth billions, but declined to disclose a specific dollar amount. ChatGPT 的開發商表示，此交易價值數十億美元，但拒絕透露具體金額。 “AMD’s leadership in high-performance chips will enable us to accelerate progress and bring the benefits of advanced AI to everyone faster,” Altman said in a release announcing the partnership. Altman 在宣布合作的聲明中表示：「AMD 在高效能晶片領域的領導地位，將使我們能更 快推進 AI 的進展，並更迅速地讓所有人受惠於先進 AI。」 The deal positions AMD as a core strategic partner to OpenAI, marking one of the largest GPU deployment agreements in the artificial intelligence industry to date. 這項協議使 AMD 成為 OpenAI 的核心戰略夥伴，並標誌著目前 AI 產業中最大規模 GPU 部署協議之一。 The partnership could help ease industry-wide pressure on supply chains and reduce OpenAI’s reliance on a single vendor. 這項合作有助於減輕整個產業的供應鏈壓力，並降低 OpenAI 對單一供應商的依賴。 OpenAI unveiled a landmark $100 billion equity-and-supply agreement with Nvidia nearly two weeks ago, cementing the chip giant’s role in powering the next generation of OpenAI models. That arrangement combined capital investment with long-term hardware supply — though in Nvidia’s case, it was the chipmaker taking an ownership stake in OpenAI. 兩週前，OpenAI 才剛宣布與 NVIDIA 達成一項具有里程碑意義的 1000 億美元股權與供 應協議，確立這家晶片巨頭在下一代 OpenAI 模型中的核心地位。該協議結合了資本投資 與長期硬體供應——但在 NVIDIA 的情況中，是晶片商入股 OpenAI。 Shares of Nvidia fell 1% Monday premarket following news of the OpenAI-AMD deal. 在 OpenAI-AMD 協議消息傳出後，NVIDIA 股價在週一盤前下跌 1%。 That deal accounts for a dedicated 10-gigawatt portion of OpenAI’s broader 23 -gigawatt infrastructure roadmap. At an estimated $50 billion in construction costs per gigawatt — together with the AMD deal — OpenAI has committed roughly $1 trillion in new buildout spending in just the past two weeks. 該協議涵蓋了 OpenAI 整體 23 吉瓦基礎設施藍圖中的 10 吉瓦部分。以每吉瓦約 500 億美元的建設成本計算，連同 AMD 的協議，OpenAI 僅在過去兩週內就承諾投入約 1 兆 美元的新建支出。 OpenAI is also in talks with Broadcom to build custom chips for its next generation of models. OpenAI 也正在與博通（Broadcom）洽談，為其下一代模型打造客製化晶片。 The arrangement between OpenAI and AMD adds a new layer to the increasingly circular nature of AI’s corporate economy, where capital, equity, and compute are traded among the same handful of companies building and powering the technology. OpenAI 與 AMD 的協議進一步強化了 AI 產業「循環經濟」的特徵：資金、股權與算力在 少數幾家掌握核心技術的公司間不斷流動。 Nvidia is supplying the capital to buy its chips. Oracle is helping build the sites. AMD and Broadcom are stepping in as suppliers. OpenAI is anchoring the demand. NVIDIA 提供資金並供應晶片；甲骨文（Oracle）協助建設數據中心；AMD 與博通擔任晶 片供應商；OpenAI 則是需求的核心。 It’s a tightly wound circular economy, and one that analysts fear could face real strain if any link in the chain starts to weaken. 這是一個緊密交織的循環經濟體系，分析師擔心一旦其中任何一個環節出現問題，整個系 統可能受到嚴重衝擊。 For AMD, the partnership is both a commercial milestone and a validation of its next-generation Instinct roadmap. 對 AMD 而言，這不僅是商業上的重要里程碑，也是對其下一代 Instinct 晶片路線圖的 有力驗證。 After years of trailing Nvidia in the AI accelerator market, AMD now has a flagship customer at the forefront of the generative AI boom. 在多年落後於 NVIDIA 的 AI 加速器市場後，AMD 現在終於獲得了生成式 AI 熱潮中的旗 艦客戶。 AMD CEO Lisa Su said it creates “a true win-win enabling the world’s most ambitious AI buildout and advancing the entire AI ecosystem.” AMD 執行長蘇姿丰表示，這是一項「真正的雙贏合作，推動全球最具雄心的 AI 建設，並 促進整個 AI 生態系的進步」。 It also reinforces OpenAI’s broader infrastructure ambitions. 這同時也強化了 OpenAI 的基礎設施雄心。 Through its Stargate project, Altman’s startup is rapidly transforming into one of the most aggressive infrastructure builders in the AI sector. Its first site in Abilene, Texas, is already operational and running Nvidia chips, with construction continuing to expand capacity. 透過「星門計畫」（Stargate Project），Altman 的新創公司正迅速轉型為 AI 產業中 最積極的基礎設施建設者之一。其在德州阿比林的第一座設施已投入運作並使用 NVIDIA 晶片，擴建工程仍在持續中。 Upcoming builds in New Mexico, Ohio, and the Midwest are expected to feature a mix of suppliers, including AMD. 未來在新墨西哥州、俄亥俄州及美國中西部的新建設施預計將採用多家供應商，包括 AMD 。 心得/評論： 交易規模 OpenAI 擬部署 6 GW 的 AMD GPU，換取最高可達 10% 的 AMD 股權。 時程 首批 1 GW 將於 2026 年下半年啟動。 互惠機制 股權與部署量、AMD 股價綁定，逐步解鎖。 戰略目的 降低對 NVIDIA 的依賴，分散供應鏈風險。 市場反應 AMD 股價盤前 +25%，NVIDIA 股價 -1%。 總投資規模 僅兩週內 OpenAI 新承諾支出約 1 兆美元。 多供應商策略 除 AMD 外，還與 Broadcom 洽談客製晶片。 AI 產業格局 出現資金、股權、算力交織的「閉環經濟」。 -- ※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 150.117.197.145 (臺灣) ※ 文章網址: https://webptt.cc/bbs/Stock/M.1759749661.A.CB6.html