AMD · 10-K · 2025A · Full report

OpenAI Partnership

ADVANCED MICRO DEVICES INC · 2026-02-04 · Importance 69 · Surprise 60

In October 2025 AMD entered into a product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, with the first gigawatt powered by AMD Instinct MI450 series products. Concurrent with the agreement AMD issued a warrant to OpenAI to purchase up to 160 million shares of AMD common stock at $0.01 per share, vesting in tranches based on GPU purchase milestones and specified AMD stock price targets; the warrant is exercisable through October 5, 2030. The warrant vests subject to additional technical and commercial conditions and, as of year-end, no tranches had vested or been exercised and there was no financial statement impact for 2025. The agreement signals a large hyperscaler relationship and potential multi-year demand for AMD Instinct GPUs tied to AI capacity deployments.