OpenAI, Nvidia and AMD -

Nvidia and AMD have recently announced some agreements with OpenAI. The type of agreements are quite different.

Major Term	NVIDIA-OpenAI Deal	AMD-OpenAI Deal
Commitment	Strategic partnership, investment, and infrastructure build-out.	Multi-year, multi-generational supply agreement.
Compute Capacity	At least 10 gigawatts (GW) of NVIDIA systems.	Up to 6 gigawatts (GW) of AMD Instinct GPUs.
Financial/Investment	NVIDIA intends to invest up to $100 billion in OpenAI progressively as each gigawatt is deployed.	AMD will recognize tens of billions of dollars in annual revenue (over $100B projected in 4 years from OpenAI and others). No direct AMD cash investment in OpenAI was reported.
Equity Component	Not explicitly reported as part of the deal’s public terms.	OpenAI receives a warrant to purchase up to 160 million AMD shares (approx. 10% of the company’s outstanding stock), vesting based on deployment and AMD stock price milestones.
Product/Hardware	NVIDIA systems on the Vera Rubin platform and future generations.	Instinct MI450 series GPUs and future generations.
Deployment Timeline	First gigawatt targeted for the second half of 2026.	First gigawatt targeted for the second half of 2026.
Strategic Relationship	NVIDIA is a preferred strategic compute and networking partner. Co-optimization of model/infrastructure roadmaps.	AMD is a core strategic compute partner. Multi-generational collaboration on hardware and software roadmaps, including co-engineering efforts.