Shares of Advanced Micro Devices Inc. were up 25% in premarket action on Monday after the company announced a new partnership to deploy its chips with artificial-intelligence startup OpenAI, which is also planning to buy millions of shares of its common stock.
worth of multiple generations of its graphics processing units to support its AI infrastructure buildout. The first gigawatt will be powered by AMD’s Instinct MI450 series of chips and rack-scale AI systems, and is expected to be deployed in the second half of next year, AMD said in a statement.
AMD has also issued the AI startup a warrant to buy up to 160 million shares of its common stock that will vest as the companies reach specific milestones in the agreement. That would be just under 10% of AMD, based on the number of outstanding shares.
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