Nvidia's Huang says he's surprised AMD offered 10% of the company in 'clever' OpenAI deal (www.cnbc.com)

Nvidia CEO Jensen Huang said he was “surprised” after AMD agreed to give OpenAI warrants that could let the AI firm buy roughly 10% of AMD as part of a multibillion-dollar supply pact. Under the deal OpenAI committed to purchase about 6 gigawatts of AMD accelerators over several years — including the upcoming MI450 series — and received warrants for up to 160 million AMD shares that vest based on deployment volume and AMD’s share price. If fully exercised, those warrants would translate to about a 10% stake in AMD. The agreement is significant because it shifts how hyperscalers and AI developers secure large-scale accelerator capacity: rather than straight cash purchases, OpenAI used equity-linked instruments to lock in supply and align incentives. It also intensifies competition with Nvidia, which recently announced a separate $100B investment in OpenAI tied to roughly 10 GW of demand (about 4–5 million GPUs) and direct sales. Technically and strategically, the AMD deal could accelerate AMD’s data‑center roadmap and offer OpenAI vendor diversification, while raising questions about software ecosystems, procurement bargaining power, and how equity-for-hardware arrangements will reshape AI infrastructure sourcing.