1. OpenAI has partnered with AMD, purchasing and deploying 6 gigawatts of compute capacity from AMD over multiple years, worth billions in revenue for AMD.
- This partnership involves OpenAI helping AMD refine its line of Nvidia competitor chips (Instinct GPUs).
- OpenAI is not paying in cash but will receive stock warrants from AMD, which could be worth around $100 billion if certain conditions are met.

2. The value of these stock warrants depends on the increase in AMD's share price, with the maximum potential reaching when shares soar to $600 each.
- If all conditions are met and OpenAI holds onto the stocks, they could pay for a significant portion of their purchase of AMD GPUs.
- However, it is more likely that OpenAI will sell its AMD stock along the way to cover its bill, essentially financing its purchases with AMD's stock.

3. This deal is beneficial for AMD as it gives them a significant market share in one of the biggest next-generation data center builds and validates their AI GPU capabilities, potentially attracting more customers.