The Biggest Winners from AMD’s (Nasdaq: AMD) Massive OpenAI Data Center Deal

Key Points

On October 6th, AMD and OpenAI announced an agreement that will see OpenAI purchase 6 gigawatts of GPUs. The deal is estimated to deliver about $90 billion to $100 billion worth of revenue to AMD.
We break down some winners from this deal beyond AMD that include memory makers, networking companies, and BE Semi.
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By Eric Bleeker Published Oct 18, 2025 at 3:44 PM EDT

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The Biggest Winners from AMD’s (Nasdaq: AMD) Massive OpenAI Data Center Deal — © Canva

AMD (Nasdaq: AMD) signed a massive deal with OpenAI that was announced before the market opened on October 6th. Since that date, shares of AMD are up an astounding 42% in under two weeks. That’s especially notable since shares of rival NVIDIA (Nasdaq: NVDA) are down more than 2% during that time as large funds rotate money from the dominant GPU company to AMD.

In the discussion below from The AI Investor Podcast, Eric Bleeker and Austin Smith break down the massive implications of AMD’s deal with OpenAI. While the deal has boosted shares of AMD, it could also be a huge catalyst to other technology stocks that investors are overlooking.

Watch: 3 Winners from AMD’s Massive Deal with OpenAI

Here’s a summary of the key points from this discussion on AMD’s deal with OpenAI.

On October 6th, AMD and OpenAI announced an agreement that will see OpenAI purchase 6 gigawatts of GPUs.
- The first deliveries from this new deal begin with a one-gigawatt purchase in the second half of 2026.
The total deal value has been estimated at around $90 billion to $100 billion in revenue for AMD.
As the deal scales, OpenAI gets warrants to purchase AMD stock at performance thresholds that top out at $600 per share.
The math here is fairly straightforward: OpenAI gets ownership of about $100 billion in AMD for buying about $100 billion worth of chips.
AMD’s stock has seen significant gains since this deal was announced. While the deal will dilute shareholders, it gives AMD a primary hyperscaler customer to work with to catch up in areas where it’s currently behind NVIDIA. Notably, right after the OpenAI deal was announced, AMD followed up with the announcement of another major order from Oracle (Nasdaq: ORCL).
These deals will have massive impacts on the financial world beyond just AMD.
For example, OpenAI’s deal with AMD provides an additional catalyst for memory stocks, such as SK Hynix and Micron (Nasdaq: MU). Both Samsung and SK Hynix joined the Stargate Alliance on October 1st and memory is now firmly in its largest supercycle in more than 30 years.
Another winner from OpenAI’s deal with AMD is many networking companies. Shares of optics stocks like Lumentum (Nasdaq: LITE) saw jumps this week amidst optimism from a large trade shwo named OCP. More traction from AMD’s GPUs is also a positive for Broadcom (Nasdaq: AVGO), which is NVIDIA’s greatest rival in the battleground for Ethernet networking supremacy.
Finally, BE Semi is likely the most overlooked beneficiary of all the recent deals with NVIDIA. The company trades in Europe, so it’s overlooked by many U.S. investors. However, AMD is the company’s largest customer. In addition, the company’s hybrid bonding technology should see a massive scale in adoption from the red-hot high-bandwidth memory (HBM) market in the second half of 2026. Its a company we recommended on the last episode of the AI Investor Podcast.

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