Shares in US hardware company Advanced Micro Devices Inc. have been performing relatively well for some time. Shareholders in this leading chip manufacturer had little to complain about. But then came the announcement of future cooperation with OpenAI, and the shares rose even further. This was not the first time that OpenAI had shaken up the share prices of a particular company. What does this recurring scenario tell us about the role that technological advances in artificial intelligence play in financial markets?
AMD Stocks Price Development
Before the announcement of the collaboration, AMD shares were trading between $155 and $165 per share. On Sunday, October 5, 2025, their price hovered around $165. The market was rather cautious, with investors watching the growing competition in the field of AI chips, dominated by manufacturers such as Nvidia. However, the announcement of the collaboration with OpenAI changed that.
A day later, on October 6, 2025, AMD announced the signing of a multi-year contract with OpenAI. The contract includes the supply of powerful AI chips for OpenAI’s expanding infrastructure, as well as the possibility that OpenAI will acquire up to a 10% stake in AMD in the future if certain performance milestones are met. This move immediately sparked a sharp reaction from investors, and within hours, AMD’s stock skyrocketed.
After the news was released, the stock price climbed from its original level to around $215. It ended the day at approximately $203.6. Trading volumes were significantly higher than usual, indicating strong investor interest in the stock. In the following days, the price continued to rise, reaching $238 on October 9. On the evening of October 10, it fell slightly below $215 again.
The Essence of the Partnership With Open AI
Under the agreement, OpenAI will purchase computing power equivalent to six gigawatts of Instinct series graphics processors from AMD. That amount of energy would be enough to power a large city at full capacity. OpenAI, which is facing a growing shortage of computing resources due to the sharp increase in demand for artificial intelligence, plans to deploy a new generation of AMD MI450 chips in the second half of 2026. These processors will be primarily intended for the operation and use of AI models, i.e., for inference, not just for training.
The contract also includes an option that will allow OpenAI to acquire up to a 10% stake in AMD, representing approximately 160 million shares. The exercise of this option is subject to the achievement of specific performance and capacity milestones. For AMD, the implementation of the agreement could mean additional revenues in the tens of billions of dollars. The partnership also helps OpenAI expand its portfolio of chip suppliers and secure sufficient computing power for the further development of its artificial intelligence products and services.
OpenAI is also likely to become a significant shareholder in AMD. As part of the agreement, a warrant was signed, giving OpenAI the right to acquire approximately 160 million AMD shares at a symbolic price of $0.01 per share. However, this right can only be exercised if AMD meets certain milestones, such as completing the production and launch of MI450 chips and their successors, and if the share price reaches predetermined levels.
History of strategic partnerships
The case of AMD’s skyrocketing stock price is not unique. Announcements of OpenAI’s partnerships with large technology companies have previously led to significant market movements. For example, the long-term, high-capacity Microsoft–OpenAI partnership was accompanied by significant investments by Microsoft in OpenAI and had a positive impact on sentiment toward Microsoft stock. Similarly, announcements of major infrastructure agreements with chip manufacturers have often led to price increases for companies involved in building the AI ecosystem.
In many cases, cooperation with OpenAI involves more than just two companies, a good example of which is Applied Digital, or APLD. Since the beginning of the year, it has seen its share price rise by approximately 268%. CoreWeave leased a significant portion of its data center from Applied Digital. This move then apparently caused a significant movement in the price of Applied Digital shares, which thus benefited indirectly from OpenAI’s expansion through its partner CoreWeave. Analytical reports show that strategic cooperation with OpenAI tends to be a significant catalyst for partners, albeit with varying degrees of sustainability over time.
