The American AI industry has recently seen a surge in what can be described as a “perpetual motion machine” dynamic: tech giants are investing in each other and purchasing computing power， leading their stock prices to skyrocket. The latest example of this phenomenon is the significant deal between OpenAI and AMD.
According to previously announced information， OpenAI is set to deploy over 6GW of GPU computing power over the next few years， with the initial deployment of 1GW scheduled to begin in the latter half of 2026.
In return， AMD has secured GPU orders worth tens of billions of dollars. However， AMD has also presented a compelling offer: if the collaboration between the two companies meets its objectives， OpenAI will have the right to acquire 160 million shares of AMD stock at a price of $0.01 per share， equivalent to a 10% stake in AMD.
Following the announcement of this transaction， Jensen Huang， the CEO of NVIDIA， AMD’s largest competitor and a company that recently invested $100 billion in OpenAI， shared his perspective.
Huang described the deal as imaginative， unique， and surprising.
He further expressed his surprise， stating， “Given how excited they are about their next-generation products， I’m surprised they would give up 10% of the company before it’s successful.”
Jensen Huang commented， “Regardless， I think it’s very clever.”
Huang’s somewhat reserved reaction suggests that he is genuinely surprised by the structure of the AMD-OpenAI deal. In fact， this sentiment is shared by many who have seen the news. The arrangement appears less like a traditional transaction and more like an exchange， or perhaps a form of a betting agreement.
The price at which AMD is selling its 10% stake is astonishingly low. However， the conditions for exercising this option are not trivial. The stock price needs to reach $600， which is approximately three times its current valuation， and this is only after the completion of the 6GW GPU purchase.
By this calculation， OpenAI’s GPU purchases would be valued at around $100 billion. Meanwhile， for OpenAI to drive AMD’s market capitalization to $1 trillion， the contributions from both sides would be roughly equivalent， suggesting that AMD isn’t necessarily securing a substantial profit margin from this aspect of the deal.
However， for the United States and these major technology corporations， any significant surge in the stock market translates to a win-win situation， thus perpetuating the legend of the AI perpetual motion machine.
