<p><strong>超微半导体</strong>(AMD 28.98%) 的股票在周一早盘交易中上涨超过 25%，此前这家半导体公司宣布与 ChatGPT 的拥有者 OpenAI 达成一项重大交易。该交易要求 OpenAI 持有 AMD 10% 的股份，价值高达 1.6 亿股，并将由 AMD 向 OpenAI 提供约 6 吉瓦的图形处理单元（GPU）。</p>
<p>这项交易对 AMD 来说是一个巨大的利好，AMD 在过去几年中一直在 GPU 领域屈居于 <strong>英伟达</strong> 之后。尽管英伟达的股票在过去三年中上涨超过 1300%，成为全球最大的上市公司，但 AMD 在同一时期的涨幅相对温和，仅为 200%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/035ed57144e9bd00d9044503649bc5a7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/035ed57144e9bd00d9044503649bc5a7.png"/></p>
<p>AMD 数据来源于 YCharts</p>
<p>但情况可能正在改变。尽管英伟达仍然占据主导地位，AMD 今年正在迎头赶上。事实上，到目前为止，AMD 的股票表现是英伟达的两倍。与 OpenAI 的交易能否帮助 AMD 继续缩小差距？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY0NTIvYW1kLWhlYWRxdWFydGVycy1zYW50YS1jbGFyYS13aXRoLWFtZC1sb2dvLW9uLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY0NTIvYW1kLWhlYWRxdWFydGVycy1zYW50YS1jbGFyYS13aXRoLWFtZC1sb2dvLW9uLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：超微半导体。</p>
<h2>关于这项交易</h2>
<p>根据 AMD 的说法，推动 OpenAI 基础设施的最终协议将分几个阶段推出，从 2026 年下半年开始，首批购买 1 吉瓦的 AMD Instinct MI450 GPU。</p>
<p>该交易要求 AMD 向 OpenAI 发放最多 1.6 亿股 AMD 普通股的认股权证，认股权证将在特定里程碑达成时生效。第一批认股权证在首次 1 吉瓦部署时生效，并随着 OpenAI 购买更多 GPU 以达到 6 吉瓦而继续生效。</p>
<p>&#34;我们很高兴能与 OpenAI 合作，提供大规模的 AI 计算，&#34; AMD 首席执行官 Lisa Su 说。&#34;这项合作将 AMD 和 OpenAI 的最佳优势结合在一起，创造一个真正的双赢局面，推动全球最雄心勃勃的 AI 建设，并推动整个 AI 生态系统的发展。&#34;</p>
<p>AMD 首席财务官兼执行副总裁 Jean Hu 表示，AMD 与 OpenAI 的关系将为 AMD 带来 &#34;数百亿美元的收入&#34;。</p>
<h2>结论</h2>
<p>AMD 与 OpenAI 的交易是美国最大芯片制造商系列交易中的最新一笔，因为各公司竞相扩大规模。英伟达最近宣布与 OpenAI 达成 1000 亿美元的交易，以及在与 AMD 竞争的中央处理器（CPU）领域对 <strong>英特尔</strong> 的 50 亿美元投资。OpenAI 还与 <strong>甲骨文</strong> 达成了 3000 亿美元的云设备采购协议。</p>
<p>如果 AMD 能够实现管理层对其与 OpenAI 交易带来数百亿美元额外收入的预测，AMD 股票将继续成为希望投资 AI 基础设施的投资者的可行选择。而且考虑到 AMD 在 2025 年的表现远超英伟达，似乎该股票将继续拥有显著的增长空间。</p>

AMDL

<p>先进微电子公司（AMD）股票在宣布与 OpenAI 达成重大交易后上涨超过 25%。根据协议，OpenAI 将收购 AMD 10% 的股份，而 AMD 将提供 6 千兆瓦的 GPU。这一合作预计将为 AMD 带来数百亿美元的收入，增强其在与 Nvidia 竞争中的地位。该交易还包括一项最多可购买 1.6 亿股 AMD 股票的认股权证，随着里程碑的达成而生效。AMD 的股票表现已在 2025 年超越 Nvidia，显示出在人工智能基础设施投资方面的强劲增长潜力</p>

<p><strong>Advanced Micro Devices</strong>(AMD 28.98%) stock was up more than 25% in early trading on Monday after the semiconductor company announced a massive deal with ChatGPT owner OpenAI. The deal calls for OpenAI to take a 10% stake in AMD, worth up to 160 million shares, and will have AMD provide around 6 gigawatts of graphics processing units (GPUs) to OpenAI.</p>
<div class="lb-trans"><p><strong>超微半导体</strong>(AMD 28.98%) 的股票在周一早盘交易中上涨超过 25%，此前这家半导体公司宣布与 ChatGPT 的拥有者 OpenAI 达成一项重大交易。该交易要求 OpenAI 持有 AMD 10% 的股份，价值高达 1.6 亿股，并将由 AMD 向 OpenAI 提供约 6 吉瓦的图形处理单元（GPU）。</p>
</div><p>The deal is a huge shot in the arm for AMD, which has been playing second fiddle to <strong>Nvidia</strong> in the GPU game for the last several years. While Nvidia's stock is up over 1,300% in the last three years as it became the largest publicly traded company in the world, AMD is up a comparatively soft 200% in the same period.</p>
<div class="lb-trans"><p>这项交易对 AMD 来说是一个巨大的利好，AMD 在过去几年中一直在 GPU 领域屈居于 <strong>英伟达</strong> 之后。尽管英伟达的股票在过去三年中上涨超过 1300%，成为全球最大的上市公司，但 AMD 在同一时期的涨幅相对温和，仅为 200%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/035ed57144e9bd00d9044503649bc5a7.png" alt="" original-src="https://media.ycharts.com/charts/035ed57144e9bd00d9044503649bc5a7.png"/></p>
<p>AMD data by YCharts</p>
<div class="lb-trans"><p>AMD 数据来源于 YCharts</p>
</div><p>But that may be changing. While Nvidia still rules the roost, AMD has been catching up this year. In fact, its stock performance doubled that of Nvidia's so far in 2025. Will its deal with OpenAI help AMD continue to close the gap?</p>
<div class="lb-trans"><p>但情况可能正在改变。尽管英伟达仍然占据主导地位，AMD 今年正在迎头赶上。事实上，到目前为止，AMD 的股票表现是英伟达的两倍。与 OpenAI 的交易能否帮助 AMD 继续缩小差距？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY0NTIvYW1kLWhlYWRxdWFydGVycy1zYW50YS1jbGFyYS13aXRoLWFtZC1sb2dvLW9uLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836452%2Famd-headquarters-santa-clara-with-amd-logo-on-building_amd_advance.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Advanced Micro Devices.</p>
<div class="lb-trans"><p>图片来源：超微半导体。</p>
</div><h2>About the deal</h2>
<div class="lb-trans"><h2>关于这项交易</h2>
</div><p>According to AMD, the definitive agreement to power Open AI's infrastructure will roll out over several generations of OpenAI's infrastructure, starting with the initial 1 GW purchase of AMD Instinct MI450 GPUs to begin in the second half of 2026.</p>
<div class="lb-trans"><p>根据 AMD 的说法，推动 OpenAI 基础设施的最终协议将分几个阶段推出，从 2026 年下半年开始，首批购买 1 吉瓦的 AMD Instinct MI450 GPU。</p>
</div><p>The deal calls for AMD to issue OpenAI a warrant for up to 160 million shares of AMD common stock that would vest as specific milestones are achieved. The first tranche of the warrant vests with the first 1 GW deployment and continues as OpenAI purchases more GPUs to reach 6 gigawatts.</p>
<div class="lb-trans"><p>该交易要求 AMD 向 OpenAI 发放最多 1.6 亿股 AMD 普通股的认股权证，认股权证将在特定里程碑达成时生效。第一批认股权证在首次 1 吉瓦部署时生效，并随着 OpenAI 购买更多 GPU 以达到 6 吉瓦而继续生效。</p>
</div><p>&#34;We are thrilled to partner with OpenAI to deliver AI compute at massive scale,&#34; AMD CEO Lisa Su said. &#34;This partnership brings the best of AMD and OpenAI together to create a true win-win enabling the world's most ambitious AI buildout and advancing the entire AI ecosystem.&#34;</p>
<div class="lb-trans"><p>&#34;我们很高兴能与 OpenAI 合作，提供大规模的 AI 计算，&#34; AMD 首席执行官 Lisa Su 说。&#34;这项合作将 AMD 和 OpenAI 的最佳优势结合在一起，创造一个真正的双赢局面，推动全球最雄心勃勃的 AI 建设，并推动整个 AI 生态系统的发展。&#34;</p>
</div><p>AMD's chief financial officer and executive vice president, Jean Hu, said that AMD's relationship with OpenAI will deliver &#34;tens of billions of dollars in revenue for AMD.&#34;</p>
<div class="lb-trans"><p>AMD 首席财务官兼执行副总裁 Jean Hu 表示，AMD 与 OpenAI 的关系将为 AMD 带来 &#34;数百亿美元的收入&#34;。</p>
</div><h2>The bottom line</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>The AMD-OpenAI deal is the most recent in a series of transactions made by the nation's biggest chipmakers as companies race to scale. Nvidia recently announced a $100 billion deal with OpenAI, as well as a $5 billion stake in <strong>Intel</strong>, which is competing with AMD in the central processing unit (CPU) space. OpenAI also has a $300 billion deal with <strong>Oracle</strong> to purchase cloud equipment.</p>
<div class="lb-trans"><p>AMD 与 OpenAI 的交易是美国最大芯片制造商系列交易中的最新一笔，因为各公司竞相扩大规模。英伟达最近宣布与 OpenAI 达成 1000 亿美元的交易，以及在与 AMD 竞争的中央处理器（CPU）领域对 <strong>英特尔</strong> 的 50 亿美元投资。OpenAI 还与 <strong>甲骨文</strong> 达成了 3000 亿美元的云设备采购协议。</p>
</div><p>If AMD can realize management's prediction for tens of billions in additional revenue from its OpenAI deal, AMD stock should remain a viable alternative to Nvidia for investors who are looking to invest in AI infrastructure. And when you consider that AMD has by far outperformed Nvidia in 2025, it appears the stock will continue to have a significant runway for growth.</p>
<div class="lb-trans"><p>如果 AMD 能够实现管理层对其与 OpenAI 交易带来数百亿美元额外收入的预测，AMD 股票将继续成为希望投资 AI 基础设施的投资者的可行选择。而且考虑到 AMD 在 2025 年的表现远超英伟达，似乎该股票将继续拥有显著的增长空间。</p>
</div>

As OpenAI Diversifies Beyond Nvidia, AMD Stock May Have Just Gained a Massive Catalyst

- AMD 股票因与 OpenAI 签署重大交易上涨超过 25%。  
- 交易包括 OpenAI 以 1.6 亿股获得 AMD 10% 股权，AMD 提供 6 GW GPU。  
- 此交易可能为 AMD 带来数百亿美元收入，助其缩小与 Nvidia 的差距。  

随着 OpenAI 在 Nvidia 之外进行多元化发展，AMD 股票可能刚刚获得了一个巨大的推动力