<p><strong>AMD</strong>（AMD 0.72%）与 OpenAI 的交易震动了人工智能（AI）投资领域。该交易的条款独特，因为 AMD 实质上是以提供芯片换取 OpenAI 的股份，这些股份将在达到某些里程碑时解锁。这可能会发展成与 AI 军备竞赛领导者之一的长期合作关系，潜在地扰乱 <strong>Nvidia</strong>（NVDA 2.83%）作为 AI 计算硬件之王的地位。</p>
<p>然而，在公告发布后的几天里，AMD 的股票飙升，自十月开始以来上涨超过 40%（在撰写本文时）。在这种上涨情况下，AMD 仍然是一个好的投资选择吗？还是 Nvidia 更值得投资？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxNjAvYW1kLWhlYWRxdWFydGVycy1zYW50YS1jbGFyYS13aXRoLWFtZC1sb2dvLW9uLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxNjAvYW1kLWhlYWRxdWFydGVycy1zYW50YS1jbGFyYS13aXRoLWFtZC1sb2dvLW9uLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>OpenAI 最近与 AMD 和 Nvidia 签署了协议</h2>
<p>投资者必须记住的一件事是，这对 OpenAI 来说是多么好的交易。OpenAI 最近与另一家人工智能计算领导者 <strong>Broadcom</strong>（NASDAQ: AVGO）达成了协议。Broadcom 的定制 AI 加速器芯片开始成为 Nvidia 图形处理单元（GPU）的另一种替代方案，但 Broadcom 的交易与 AMD 的交易有明显区别。Broadcom 的交易是实际销售价值 100 亿美元的芯片，而 AMD 是向 OpenAI 销售芯片，但 OpenAI 还可以通过认股权证以低价投资 AMD，这在股票表现良好时可以抵消部分芯片成本。</p>
<p>预计这笔交易将通过涟漪效应帮助 AMD，并可能导致其他 AI 超级计算公司在看到 OpenAI 成功使用其芯片后购买其芯片。时间将证明这一策略是否能让 AMD 重返 AI 军备竞赛，但这显然是一次最后的努力，以追赶 Nvidia。</p>
<p>投资者们忘记的一件事是 OpenAI 在九月份与 Nvidia 签署的协议。在该协议中，Nvidia 和 OpenAI 宣布建立合作关系，允许 OpenAI 部署至少 10 吉瓦的 Nvidia 计算能力。作为交换，Nvidia 将向 OpenAI 投资高达 1000 亿美元。作为参考，AMD 的交易大约是 6 吉瓦的计算能力。</p>
<p>这两笔交易之间的差异巨大。AMD 是向 OpenAI 销售其芯片，以便 OpenAI 成为 AMD 的投资者，并在其 AI 技术上实现复兴。Nvidia 则是向 OpenAI 投资以换取其芯片，因此至少能从交易中获得一些收益。</p>
<p>我认为这给投资者提供了所有他们需要知道的关于哪家公司仍然是 AI 领导者的信息，因为它是拥有所有议价权的公司。</p>
<h2>AMD 的股票在公告后飙升</h2>
<p>在 AMD 大幅上涨后，股票变得非常昂贵。现在的交易价格接近 2026 年收益的 40 倍，而 Nvidia 的股票交易价格不到 30 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/083e612b802174a62ae04a2ff46f3140.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/083e612b802174a62ae04a2ff46f3140.png"/></p>
<p>AMD 市盈率（前瞻性 1 年）数据来自 YCharts</p>
<p>然而，分析师尚未在交易后重新调整他们对 AMD 的预测，这可能进一步影响每家公司的估值。另一方面，OpenAI 的交易预计要到 2026 年下半年才会看到首次销售，这仍然是一个较远的时间。</p>
<p>那么，AMD 现在是比 Nvidia 更好的投资吗？我认为投资者需要保持耐心。我们距离第一吉瓦计算能力的建设还有一年。此外，时间将证明 AMD 的芯片与 Nvidia 的芯片相比是否有价值。许多公司在使用 Nvidia 硬件时取得了出色的结果，可能不会像 OpenAI 那样愿意来回切换。Nvidia 的业绩远远好于 AMD，目前它仍与 AI 超级计算公司和初创企业保持着大量交易。</p>
<p>现在宣布 AMD 是这些近期交易公告的赢家还为时尚早；然而，AMD 的立足点正在改善。我仍然认为 Nvidia 是市场上最好的 AI 股票，但如果 AMD 的新交易能够带来真正的增长，那么它绝对值得关注。然而，在股票价格大幅上涨 40% 或更高之后，我认为投资者可以耐心等待，在接下来的几个月内以更好的价格进入 AMD。</p>

OpenAI

AMDL

<p>AMD 最近与 OpenAI 达成的交易，提供芯片以换取股份，搅动了人工智能投资领域，自十月以来 AMD 的股价上涨超过 40%。然而，分析师警告称，AMD 的估值相较于 Nvidia 偏高，后者在人工智能领域拥有更强的地位，并在 OpenAI 上进行了大量投资。虽然 AMD 的交易可能会带来增长，但可能需要时间才能看到结果，目前 Nvidia 仍然是投资者的首选。未来几个月可能会出现更有利的 AMD 入场时机</p>

<p><strong>AMD</strong>'s (AMD 0.72%) deal with OpenAI has shaken up the artificial intelligence (AI) investing landscape. The terms of the deal are unique, as AMD is essentially providing OpenAI with chips in exchange for shares of AMD that vest as certain milestones are reached. This could develop into a long-term partnership with one of the leaders in the AI arms race, potentially disrupting <strong>Nvidia</strong>'s (NVDA 2.83%) status as the king of AI computing hardware.</p>
<div class="lb-trans"><p><strong>AMD</strong>（AMD 0.72%）与 OpenAI 的交易震动了人工智能（AI）投资领域。该交易的条款独特，因为 AMD 实质上是以提供芯片换取 OpenAI 的股份，这些股份将在达到某些里程碑时解锁。这可能会发展成与 AI 军备竞赛领导者之一的长期合作关系，潜在地扰乱 <strong>Nvidia</strong>（NVDA 2.83%）作为 AI 计算硬件之王的地位。</p>
</div><p>However, AMD's stock has soared in the days following the announcement, and is up over 40% since October began (at the time of this writing). With that kind of rise, is AMD still a good buy? Or is Nvidia still a better pick here?</p>
<div class="lb-trans"><p>然而，在公告发布后的几天里，AMD 的股票飙升，自十月开始以来上涨超过 40%（在撰写本文时）。在这种上涨情况下，AMD 仍然是一个好的投资选择吗？还是 Nvidia 更值得投资？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzcxNjAvYW1kLWhlYWRxdWFydGVycy1zYW50YS1jbGFyYS13aXRoLWFtZC1sb2dvLW9uLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F837160%2Famd-headquarters-santa-clara-with-amd-logo-on-building_amd_advance.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>OpenAI has struck deals with AMD and Nvidia recently</h2>
<div class="lb-trans"><h2>OpenAI 最近与 AMD 和 Nvidia 签署了协议</h2>
</div><p>One thing investors must keep in mind is how good a deal this is for OpenAI. OpenAI recently cut a deal with another artificial intelligence computing leader, <strong>Broadcom</strong>(NASDAQ: AVGO). Broadcom's custom AI accelerator chips are starting to become another alternative to Nvidia's graphics processing units (GPUs), but there's a stark difference in Broadcom's deal versus AMD's. Broadcom's deal is an actual sale of $10 billion in chips, while AMD is selling chips to OpenAI, but OpenAI also has the option to invest in AMD at low prices via warrants, which offset some of the costs of the chips if the stock is successful.</p>
<div class="lb-trans"><p>投资者必须记住的一件事是，这对 OpenAI 来说是多么好的交易。OpenAI 最近与另一家人工智能计算领导者 <strong>Broadcom</strong>（NASDAQ: AVGO）达成了协议。Broadcom 的定制 AI 加速器芯片开始成为 Nvidia 图形处理单元（GPU）的另一种替代方案，但 Broadcom 的交易与 AMD 的交易有明显区别。Broadcom 的交易是实际销售价值 100 亿美元的芯片，而 AMD 是向 OpenAI 销售芯片，但 OpenAI 还可以通过认股权证以低价投资 AMD，这在股票表现良好时可以抵消部分芯片成本。</p>
</div><p>This deal is expected to help AMD through a ripple effect and potentially cause other AI hyperscalers to buy its chips once it sees that OpenAI is having success with them. Time will tell if this strategy will allow AMD to get back into the AI arms race, but it certainly seems like a last-ditch effort to catch Nvidia.</p>
<div class="lb-trans"><p>预计这笔交易将通过涟漪效应帮助 AMD，并可能导致其他 AI 超级计算公司在看到 OpenAI 成功使用其芯片后购买其芯片。时间将证明这一策略是否能让 AMD 重返 AI 军备竞赛，但这显然是一次最后的努力，以追赶 Nvidia。</p>
</div><p>One thing investors are forgetting is the deal that OpenAI struck with Nvidia in September. In that deal, Nvidia and OpenAI announced a partnership that will allow OpenAI to deploy at least 10 gigawatts of Nvidia computing. In exchange, Nvidia will invest up to $100 billion in OpenAI. For reference, AMD's deal is for about 6 gigawatts of computing power.</p>
<div class="lb-trans"><p>投资者们忘记的一件事是 OpenAI 在九月份与 Nvidia 签署的协议。在该协议中，Nvidia 和 OpenAI 宣布建立合作关系，允许 OpenAI 部署至少 10 吉瓦的 Nvidia 计算能力。作为交换，Nvidia 将向 OpenAI 投资高达 1000 亿美元。作为参考，AMD 的交易大约是 6 吉瓦的计算能力。</p>
</div><p>The difference between these two deals is enormous. AMD is selling its chips to OpenAI for OpenAI to become an investor in AMD and create a resurgence in its AI technology. Nvidia is investing in OpenAI in exchange for its chips, so it at least gets something out of the deal.</p>
<div class="lb-trans"><p>这两笔交易之间的差异巨大。AMD 是向 OpenAI 销售其芯片，以便 OpenAI 成为 AMD 的投资者，并在其 AI 技术上实现复兴。Nvidia 则是向 OpenAI 投资以换取其芯片，因此至少能从交易中获得一些收益。</p>
</div><p>I think this gives investors all they need to know about which company is still the AI leader, as it's the one with all of the bargaining power.</p>
<div class="lb-trans"><p>我认为这给投资者提供了所有他们需要知道的关于哪家公司仍然是 AI 领导者的信息，因为它是拥有所有议价权的公司。</p>
</div><h2>AMD's stock is booming after the announcement</h2>
<div class="lb-trans"><h2>AMD 的股票在公告后飙升</h2>
</div><p>After AMD's massive surge, the stock has gotten very expensive. It now trades for nearly 40 times 2026 earnings, while Nvidia's stock trades for less than 30.</p>
<div class="lb-trans"><p>在 AMD 大幅上涨后，股票变得非常昂贵。现在的交易价格接近 2026 年收益的 40 倍，而 Nvidia 的股票交易价格不到 30 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/083e612b802174a62ae04a2ff46f3140.png" alt="" original-src="https://media.ycharts.com/charts/083e612b802174a62ae04a2ff46f3140.png"/></p>
<p>AMD PE Ratio (Forward 1y) data by YCharts</p>
<div class="lb-trans"><p>AMD 市盈率（前瞻性 1 年）数据来自 YCharts</p>
</div><p>However, analysts have yet to rework their AMD projections following the deal, and this could further affect how each company is valued. On the flip side, the OpenAI deal isn't expected to see its first sales until the second half of 2026, which is still a ways out.</p>
<div class="lb-trans"><p>然而，分析师尚未在交易后重新调整他们对 AMD 的预测，这可能进一步影响每家公司的估值。另一方面，OpenAI 的交易预计要到 2026 年下半年才会看到首次销售，这仍然是一个较远的时间。</p>
</div><p>So, is AMD a better investment than Nvidia right now? I'd say investors need to stay patient. We're still a year out from the first gigawatt of computing power being built. Additionally, time will tell if AMD's chips are worth anything compared to its Nvidia counterparts. Many companies are seeing excellent results with Nvidia hardware, and may not be as willing to switch back and forth like OpenAI. Nvidia is posting much better results than AMD is currently, and it still has plenty of deals with AI hyperscalers and startups on its books.</p>
<div class="lb-trans"><p>那么，AMD 现在是比 Nvidia 更好的投资吗？我认为投资者需要保持耐心。我们距离第一吉瓦计算能力的建设还有一年。此外，时间将证明 AMD 的芯片与 Nvidia 的芯片相比是否有价值。许多公司在使用 Nvidia 硬件时取得了出色的结果，可能不会像 OpenAI 那样愿意来回切换。Nvidia 的业绩远远好于 AMD，目前它仍与 AI 超级计算公司和初创企业保持着大量交易。</p>
</div><p>It's too early to declare AMD a winner from these recent deal announcements; however, AMD's footing is improving. I still think Nvidia is the best AI stock on the market, but if AMD's new deal can bring real growth, then it is certainly one to watch. However, after a massive 40% or greater run in the stock price, I think investors can be patient and get into AMD at a much better price within the next few months.</p>
<div class="lb-trans"><p>现在宣布 AMD 是这些近期交易公告的赢家还为时尚早；然而，AMD 的立足点正在改善。我仍然认为 Nvidia 是市场上最好的 AI 股票，但如果 AMD 的新交易能够带来真正的增长，那么它绝对值得关注。然而，在股票价格大幅上涨 40% 或更高之后，我认为投资者可以耐心等待，在接下来的几个月内以更好的价格进入 AMD。</p>
</div>

Is AMD a Better Buy Than Nvidia After Its OpenAI Deal?

- AMD 与 OpenAI 的交易可能改变 AI 投资格局。  
- AMD 提供芯片换取 OpenAI 的股份，可能影响 Nvidia 的市场地位。  
- 尽管 AMD 股价上涨，但投资者应耐心等待更佳入场时机。

在与 OpenAI 达成协议后，AMD 是否比 Nvidia 更值得购买？