OpenAI will deploy 6 gigawatts of AMD Instinct GPUs over multiple years, starting with 1 gigawatt of MI450 chips in the second half of 2026, the two companies announced Monday. AMD has issued OpenAI a warrant for up to 160 million shares of common stock, with vesting tied to deployment volume, AMD’s share price, and technical and commercial milestones. If fully exercised, OpenAI could own about 10% of the chipmaker. AMD stock closed up 23.7%.

The deal positions AMD as a core strategic partner in the AI accelerator market, where it has long trailed Nvidia. OpenAI, which recently unveiled a $100 billion agreement with Nvidia, said the AMD partnership helps diversify its supply chain. “We have to do this,” OpenAI President Greg Brockman told CNBC, citing compute shortages that prevent the company from launching features.

AMD CEO Lisa Su called the deal a “true win-win” and said AI is on a 10-year growth path. AMD CFO Jean Hu said it should bring in tens of billions of dollars in revenue. OpenAI CEO Sam Altman called it a major step toward realizing AI’s full potential. The partnership reinforces OpenAI’s broader Stargate buildout, which already runs Nvidia chips at its Abilene site and is expected to use a mix of suppliers, including AMD, in upcoming builds.

The arrangement adds another layer to the increasingly circular nature of AI’s corporate economy, where capital, equity and compute are moving among a small cluster of companies building AI infrastructure.