OpenAI大举押注AMD芯片

AMD刚刚达成一项协议，将为OpenAI提供六吉瓦的计算能力。这笔价值数十亿美元的芯片交易，我认为其背后策略非常耐人寻味。因为本质上，OpenAI与AMD促成这次合作的策略，将成为OpenAI为其疯狂烧钱计划融资的范本——他们需要巨额资金来构建下一代AI算力基础设施，包括机器人研发和AI规模化应用等那些耗资惊人的项目。人们都在质疑这些资金从何而来，今天我们节目就将剖析他们与AMD合作的这个战略部署。这与以往截然不同。

AMD has just made a deal to supply six gigawatts of compute to OpenAI. Now this is a chip deal worth billions of dollars, but I think it's fascinating for a lot of reasons. Because, basically, I think the strategy that OpenAI and AMD have employed here to make this deal is going to be the strategy OpenAI uses to fund their insane amount of, basically, this insane amount of money that they're gonna need to build the compute necessary for the next generation of OpenAI, what they're planning on doing with robotics, what they're planning on doing with scaling up AI to do they're they're just insane projects that need so much money, and most people are questioning where does all this money come from. This is gonna be the strategy that we cover in the show today that they're doing with AMD to roll this out. And this is different.

当前与AMD的这笔交易，与他们和英伟达的合作模式大相径庭。这非常有意思，我们稍后会深入分析。在此之前，我想推荐aibox.ai平台——它能让你免去多重订阅费用，一站式使用40多款顶尖AI模型，涵盖图像、文本、音频处理（包括11实验室的音频技术）。

This deal right now, this AMD deal is different than what they've done with NVIDIA. So this is quite quite fascinating. We're gonna get into all of it. Before we do, I wanted to say if you want to use a specific if you wanna use an AI platform to get access to all of the top models without having to pay subscriptions to them all, I'd love for you to try aibox.ai. We have over 40 models, image, text, audio, all in one platform, 11 labs for audio.

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If you're paying for multiple subscriptions, I would recommend checking this out. And we just launched something called the AI box builder, which lets you describe a tool that you wanna build, and the AI box builder will chain together multiple AI models. It will put all the prompts in, and it will build tools that can automate a lot of what you do with AI in one click. So it's super cool if you wanna go check it out. It's $20 a month, a ibox.ai.

言归正传，AMD这笔多年期芯片供应协议可能带来数百亿美元营收。在解析细节前，我先告诉大家消息公布后AMD的股价反应。

Alright. Let's talk about AMD. So this is a multiyear chip supply deal that's, gonna be happening. It could generate tens of billions of dollars in revenue for AMD. And before we get into even the what happened here, I just wanna tell you what happened to the AMD stock after this announcement.

今日AMD股价暴涨29.9%（准确说是在过去24小时波动于25%-30%之间，此刻略有回落）。

Today, the AMD stock is up 29.9%. Basically, 30%, today, which is or 26% 25% today, I guess. It's 20 30% in the last day. It's it's moving around as we're talking. It just looks like it's slowly slipping.

单日25%的涨幅对这家公司堪称疯狂。更耐人寻味的是，同期英伟达股价下跌1%。显然AMD即将因这次合作迎来腾飞——下面我来揭晓内幕。

But, basically, you get the idea. 25% in one day is insane for this company. And it feels like it is officially oh, and by the way, at the same time, NVIDIA is down 1%. So it feels like AMD is about to see a big rise because they're going to be making this partnership. So here's here's what's going on.

AMD将分阶段通过Instinct系列GPU（首批发货采用MI450芯片）向OpenAI提供六吉瓦算力，相当于450万户家庭用电量。首批一吉瓦产能将于2026年下半年交付。

AMD is gonna supply six gigawatts of compute to OpenAI. That's enough to power 4,500,000 homes. They're doing this across a bunch of different generations of their Instinct GPUs. So they're starting with their m one or m I four five zero GPU. And OpenAI is gonna get their first gigawatt of capacity in the second half of next year, 2026.

这就是新芯片计划部署的时间点。看来AMD已经注意到NVIDIA的动作，不想错过这趟红利快车，一直在努力竞争。amdcom宣称这款新芯片将超越NVIDIA的同类产品。NVIDIA有Rubin CPX，而AMD声称将通过硬件和软件改进实现反超，其中许多改进将得到OpenAI的协助。

So that's when the new chip is scheduled for deployment. So it appears AMD has seen what NVIDIA is doing, doesn't wanna miss out on the gravy train, has been working hard, to compete here. And amdcom claims that this new chip is going to outperform NVIDIA's comparable offering. So NVIDIA has the NVIDIA Rubin CPX, and they claim that it is going to basically outperform them, and they're doing this, through hardware and software improvements. Many of those are going to be made with OpenAI's input.

这让我想起OpenAI最初推出ChatGPT时与微软的合作——微软向OpenAI注资100亿美元，通过Azure紧密合作，明确芯片和GPU的具体需求以优化AI模型训练。AMD似乎也在复制这种模式：通过与OpenAI合作定制所需GPU，其他AI公司必然跟进采用。这本质上是在帮供应商扩大采购量，逻辑非常自洽。值得注意的是，协议规定OpenAI有权购买1.6亿股AMD股票（约占10%股权），要知道AMD可是上市公司。

So this is kind of starting to remind me of the deal that OpenAI made with Microsoft when OpenAI first came with ChatGPT and Microsoft Azure, and Microsoft put in $10,000,000,000 in OpenAI, worked very closely with Azure to help, you know, explain the exact needs of the chips in order to and GPUs in order to make something that could train AI models really well. Seems like AMD is almost getting like, this is a this is a big benefit to AMD because if they work with OpenAI to create the exact GPUs OpenAI needs, every other AI company is gonna use that, is gonna need that, and, you know, I mean, they're helping their supplier buy more from them. So it makes a lot of sense. This is, I think interesting because part of this agreement is that OpenAI is gonna get the option to buy a 160,000,000 shares of AMD stock, which is about 10% of the company. This is, you know, a publicly traded company.

OpenAI获得收购这家公司10%股权的期权，首期行权将在首个千兆瓦部署后触发。总规模为六个千兆瓦，每完成一个千兆瓦交易就解锁相应股权。OpenAI的持股价值将与AMD股价直接挂钩——让我们暂停片刻分析这背后的逻辑。

OpenAI is giving the option to buy 10% of this company, and the first tranche of that is gonna invest after the first gigawatt. So it's gonna be six gigawatt total. But the first gigawatt is deployed, then they're gonna get the first tranche of that, and then they'll have a bunch of additional tranches that are gonna invest as OpenAI buys up the total six gigawatts from them. Now OpenAI's stake is going to be directly tied to AMD's stock price. So, like, let's just stop for a second and talk about what's going on here.

协议设有股价里程碑条款，最终股权解锁需股价达到每股600美元。对比来看，上周五AMD收盘价164美元，本周初因交易消息暴涨35%至220美元，虽有小幅回落...

And they have these, like, stock price milestones. They have the final tranche of vesting as if the stock as when the stock price reaches $600 per share. And context is that on Friday, AMD shares closed at a $164. Now they're, like, I think over $200 or at the beginning of, you know, this week, they were at 220, which is was up 35% following the news of the deal. They slipped a a little bit down.

...最终涨幅稳定在25%（即我在播客开头引用的数据）。实际上公告当日股价最初飙升35%，这种暴涨让OpenAI觉得...

So then it was down to, like, 25%. That's what you heard me quote at the beginning of the podcast. But, basically, this announcement boosted the stock 25 today, it's 25%, but it boosted initially 35%. Huge spike in the stock. And to the point where opening eyes like, yeah.

当你们股价达到600美元，我们就能获得10%股权。OpenAI通过采购获得公司股份的模式，完全复刻了NVIDIA当年的剧本——重大合作公告引发股价暴涨。现在AMD股价同样因合作消息飙升，而OpenAI转头就通过股权获取额外收益。

I mean, when your stock gets to 600, we get 10% of your company. We're gonna do these tranches. And OpenAI is, like, getting equity in this company because they're buying from the company and they know that announcing this deal this is exactly like what happened with NVIDIA where they made these big, like, partnership announcements and NVIDIA stock exploded. Now we have AMD stock exploding because they made this partnership. And what's interesting is then OpenAI is going straight back and getting equity in the company.

这就像个无限资金循环：合作推高股价→获取股权→股价增值带来更多项目资金。OpenAI在资本游戏中的操作堪称教科书级别——他们本质上在说：'我们采购你们的产品，但要求获得10%股权作为股价上涨的回报'。甚至在产品交付前，公告效应就已推高股价。以下是AMD对此的官方表态。

So it's like they make a partnership that boosts it and they get equity and they get compensated for the boost which gives them more money to spend on more projects. It's like these infinite money loops that OpenAI it it feels like they're playing the stock market game better than anyone else. They're literally like, they're like, we will buy from you and we want 10% of your company as upside when your stock price grows because we announced we're buying from you. In the future, before anything's even delivered, the stock price goes up. So this is what, AMD said about this.

AMD首席执行官苏姿丰博士表示，我们非常高兴能与OpenAI合作，大规模提供人工智能计算能力。这次合作将AMD与OpenAI的优势相结合，创造真正的双赢局面，助力全球最具雄心的人工智能建设，并推动整个AI生态系统的发展。山姆·奥特曼称这是'实现人工智能全部潜力过程中迈出的重要一步'。我感觉他最近不再提AGI（通用人工智能）这个词了，似乎在刻意回避。

CEO AMD, doctor Lisa Hsu said, we are thrilled to partner OpenAI to deliver AI compute at massive scale. This partnership brings the best of a n d AMD and OpenAI together to create a true win win, enabling the world's most ambitious AI build out and advancing the entire AI ecosystem. Sam Altman said that it was, quote, a major step in building the compute capacity to realize AI's full potential. I I feel like he doesn't really say AGI anymore. He's shied away from that term.

他现在只说'人工智能的全部潜力'。不管这个潜力是什么，我们需要这些资源来实现它。仅上个月，英伟达就同意向OpenAI投资高达1000亿美元，并计划为其提供10吉瓦的电力。OpenAI与brow.com还签署了价值100亿美元的协议，共同开发定制AI芯片。OpenAI表示其与甲骨文和软银合作的'星际之门'计划即将扩展。

He's just like, the full potential of AI. Whatever that potential is, this is what we need to get there. Last month alone, NVIDIA agreed to invest up to a $100,000,000,000 into OpenAI, and they were gonna supply them with 10 gigawatts. OpenAI and brow.com also signed a deal for $10,000,000,000 to develop and manufacture custom AI chips. And OpenAI said that its Stargate initiative with Oracle and SoftBank are gonna be expanding.

这是根据TechCrunch的报道。我觉得很有意思，现在有很多交易在进行，包括OpenAI与三星、SK海力士达成协议，为星际之门项目获取DRAM内存芯片，并在韩国进行建设。这里有很多动作，但我的主要收获是：OpenAI需要更多资金。他们已经耗尽了传统融资渠道，比如风投，甚至包括英伟达的投资。

That's according to a quote from TechCrunch. So I think this is interesting. There's a lot of deals going down, including one with OpenAI and Samsung and SK Hynix to get some DRAM memory chips for the Stargate project and build that out in South Korea. So there is a lot going on here, but I think the my big takeaway from this is basically that OpenAI needs more money. They've run out of, like, a lot of the traditional ways, like VC funding and then even, like, you know, investments from NVIDIA.

好吧，他们确实刚从英伟达拿到1000亿美元。但问题是：接下来呢？

Okay. Sure. They just got a $100,000,000,000 from NVIDIA. But then it's like, hey. Like, what now?

所以看起来他们的新策略是与芯片公司建立合作关系，在宣布合作前要求获得一定股权。等股价上涨后宣布消息，股价会进一步上涨，他们就能获得大量股权。这些股权可以变现获取更多资金，再用这些钱购买更多芯片。

And so it seems like the next strategy is they go make partnerships with chip companies and are like, hey. Before we announce the the the partnership, give us a certain amount of equity in your company when your stock price goes up. We'll announce that your stock price will go up. We'll get a lot of equity. We could sell that equity for more money, and then we could buy more chips with it.

他们简直是从交易的每个环节都在赚钱。太有意思了。我觉得未来会看到更多这样的操作。我倒不是说这不好，但这种现象确实很有趣，而且他们的融资手段和提振这些公司股价的方式非常明显，简直疯狂。

So it's like they're they're making money from all sides of the deal. Absolutely fascinating. I think we're gonna see a lot more of this in the future. And I'm I'm not, like, mad. I mean, I don't think this is necessarily a bad thing, but it's it's, I mean, fascinating and it's very obvious what what's happening and how they're funding this, basically, to boost boost these companies, which is it's just crazy.

可以预见，OpenAI采用这种策略必将获得极其庞大的资金，这是毫无疑问的。感谢收听今天的播客，希望你喜欢。如果你学到了新东西，能在Spotify上留下评分和评论对我来说意义重大。虽然我总是在请求这个。

So you could see that OpenAI will inevitably get an absolutely absurd amount of money deploying this strategy without a doubt. Anyways, thank you so much for tuning into the podcast today. I hope you enjoyed it. If you learned anything new, it would mean the world to me if you could leave a rating and review over on Spotify. I know I ask for this all the time.

顺便说一下，苹果听众约占本节目听众的70%，而Spotify听众留下的评论数量与苹果听众完全相同。所以如果你是苹果用户，帮我个忙，如果喜欢这个节目，请给它写个评论。我们听众人数虽多，但评论数得跟上Spotify听众，他们人数少得多。

And by the way, Apple listeners are, like, 70% of this show, and Spotify listeners have left the exact same amount of reviews as an as Apple listeners. So if you are an Apple listener, do me a favor. Drop a review on the show, if you appreciate it. If you listen, we gotta keep up the the reviews, with the Spotify listeners. There's a lot less of them.

他们留下的评论更多。但今天我要特别呼吁苹果听众：如果能留下评论，我将不胜感激。好了，非常感谢大家，记得访问aibox.ai，在一个平台上获取所有AI模型，打造惊艳的AI工具。

They leave more reviews. But I know that to the Apple listeners today, a special call. If you could leave a review, I'd really appreciate it. Alright. Thanks so much, and make sure to check out aibox.ai to get access to all of the AI models on one platform and build some incredible AI tools.

好了，非常感谢。下期节目再见。

Alright. Thanks so much. Catch you guys in the next episode.