OpenAI has just triggered a seismic shift in the semiconductor industry. The AI giant has signed a colossal agreement with AMD for the purchase of chips dedicated to AI and high-performance computing (HPC), with the potential to acquire up to 10% of the manufacturer’s capital.
OpenAI and AMD: A Strategic and Titanic Alliance
OpenAI is set to acquire several tens of billions of dollars worth of AMD processors, capable of delivering a total power of 6 gigawatts. To put it into perspective, a single gigawatt equals the electricity consumption of a million households. Estimated cost: approximately $50 billion per gigawatt, including the chips and necessary deployment infrastructure.
In exchange, OpenAI would receive warrants allowing it to increase its stake in AMD as it achieves these goals. If this option is exercised to its full extent, Sam Altman’s company would become a major shareholder in the American chipmaker.
AMD Soars, Nvidia Wavers
The announcement immediately propelled AMD’s stock up more than 37% on Wall Street, a rare move for a company of this size. This rally reflects both the scale of the contract and renewed confidence in AMD’s ability to compete with Nvidia in the ultra-lucrative AI chip market. AMD’s stock has slightly corrected since, still showing a 27% increase.
This partnership also marks a strategic turning point for OpenAI: breaking free from its dependence on Nvidia, whose GPUs dominate the generative AI ecosystem. A vital diversification as demand skyrockets and shortages threaten to impede innovation.
Domino Effect on AI and Crypto Players
The markets responded in succession. Mining companies positioned in the AI/HPC niche saw their stocks soar: Bitfarms, Hive Digital, Cipher Mining, CleanSpark, and TerraWulf gained between 5% and 12% within hours.
These companies, historically focused on Bitcoin mining, are now transitioning into providers of computing infrastructure for AI. And every announcement of this caliber opens up new revenue opportunities for them, far beyond just hash rate.
Galaxy Digital on the Right Frequency
Galaxy Digital is among the major beneficiaries of this momentum. After converting its Helios campus into an AI/HPC data center, the company secured $1.4 billion in financing and signed a long-term lease with CoreWeave for 800 MW of computing capacity. Galaxy’s stock rose by 5% as a result.
An Energy and Financial Battle
This OpenAI-AMD agreement is not just about a chip order: it’s a battle of infrastructures, energy, and technological sovereignty. As computing power becomes the new black gold of the 21st century, each gigawatt built shapes the global balance between AI giants, semiconductor manufacturers, and crypto mining players looking for reinvention.
A clear signal: the future of artificial intelligence now unfolds as much in data centers as in financial markets.
