据马克斯·A·切尔尼报道，超微半导体（AMD.O）向主要人工智能客户OpenAI和Meta Platforms（META.O）提供其未来成功的股权份额，以换取大额芯片采购承诺的策略，开始对其利润产生显著影响。
By Max A. Cherney Advanced Micro Devices' (AMD.O) strategy of offering stakes in its future success to major AI customers OpenAI and Meta Platforms (META.O) in exchange for big chip commitments is beginning to leave a sizeable imprint on its profits.
AMD今年2月同意在五年内向Meta销售价值高达600亿美元的人工智能芯片，并向这家Facebook母公司提供认股权证，若其达到特定里程碑，可购买该芯片公司高达10%的股份。该协议紧随去年与OpenAI达成的类似协议之后，后者获得购买该芯片制造商高达约10%股份的期权。
AMD in February agreed to sell up to $60 billion worth of AI chips to Meta over five years, giving the Facebook owner warrants that could let it buy as much as 10% of the chip firm if it meets certain milestones. The deal followed a similar agreement with OpenAI last year, giving the startup the option to buy up to roughly 10% of the chipmaker.
周二，AMD表示，截至9月26日的第三季度，它记录了10.7亿美元的非现金费用，即每股66美分，以核算这些认股权证，因为协议项下的出货量开始增加。
On Tuesday, AMD said it recorded a $1.07 billion non-cash charge, or 66 cents a share, in the third quarter ended September 26 to account for these warrants, as shipments under the agreements begin to ramp up.
该芯片制造商预计，得益于数据中心销售激增，2027年将实现快于预期的增长，其股价在盘后交易中上涨8%，并推动英特尔（INTC.O）、英伟达（NVDA.O）和博通（AVGO.O）股价上涨。
The chipmaker forecast faster-than-expected 2027 growth thanks to surging data-center sales, sending its shares up 8% in extended trading and pushing up stocks of Intel (INTC.O), Nvidia (NVDA.O) and Broadcom (AVGO.O).
这些认股权证是芯片和人工智能云公司越来越多地使用股权激励来确保来自少数人工智能客户的大规模长期采购的一部分，并凸显了人工智能热潮的循环性质，即公司可以同时成为彼此的客户、供应商和投资者。
The warrants are part of a growing use of equity incentives by chip and AI cloud companies to secure massive, long-term purchases from a small group of AI customers, and highlight the circular nature of the AI boom, where companies can simultaneously be customers, suppliers and investors in one another.
该策略也存在稀释AMD股东的风险。如果认股权证完全归属并被行使，OpenAI和Meta可能只需每股一美分就能在该芯片制造商中拥有大量股份，可能会大幅增加AMD的股份总数。这些认股权证的最终价值取决于行使时AMD的股价。
The strategy also risks diluting AMD shareholders. OpenAI and Meta could own a large stake in the chipmaker for as little as a penny apiece if the warrants fully vest and are exercised, potentially increasing AMD's share count substantially. The warrants' ultimate value depends on AMD's share price when they are exercised.
OpenAI的认股权证还包括AMD股价门槛，而Meta的则没有。
OpenAI's warrant also includes AMD share-price thresholds, while Meta's does not.
分析人士表示，这是对AMD人工智能芯片和软件的重大信心投票，但不太可能动摇英伟达的主导地位，因为市场领导者继续销售其能生产的每一颗人工智能芯片。
Analysts said it was a major vote of confidence in AMD's AI chips and software but is unlikely to dent Nvidia's dominance, as the market leader continues to sell every AI chip it can make.
“虽然我确实认为激励措施在他们的部分销售中发挥了作用，但我认为更大的问题是，存在对英伟达严肃替代品的积压需求，而AMD的产品现在开始在价格与性能指标上竞争，”TECHnalysis Research首席分析师鲍勃·奥唐奈尔说。
"While I do believe incentives played a role in some of their sales, I believe the bigger issue is that there is pent-up demand for a serious alternative to Nvidia and AMD’s products are now starting to compete on price/performance metrics," TECHnalysis Research chief analyst Bob O'Donnell said.
AMD还与OpenAI的竞争对手Anthropic达成了芯片采购安排，但该协议包括AMD承诺向Anthropic投资的条款。
AMD has also struck a chip-purchase arrangement with OpenAI rival Anthropic, but that agreement included a commitment by AMD to invest in Anthropic.
AMD财务主管让·胡在周二的分析师电话会议上表示，一旦OpenAI和Meta满足归属和行权条件，这些权证将开始稀释AMD股东的股权，这些条件包括交付和其他商业要求。她表示，AMD预计将在2027年就这些条件可能何时满足提供更多指导。
AMD finance chief Jean Hu said on Tuesday's analyst call that the warrants would begin diluting AMD shareholders once OpenAI and Meta satisfy the vesting and exercise conditions, which include shipment and other commercial requirements. AMD expects to provide more guidance in 2027 on when those conditions could be met, she said.
其他AI芯片和基础设施公司也与主要客户达成了类似的股权挂钩交易。芯片初创公司Cerebras（CBRS.O）向OpenAI授予了针对200亿美元承诺的权证，而Marvell（MRVL.O）已向Alphabet旗下的Google（GOOGL.O）发行了权证，使这家搜索巨头有权购买潜在的122亿美元股权。
Other AI chip and infrastructure companies have struck similar equity-linked deals with major customers. Chip startup Cerebras (CBRS.O) granted OpenAI warrants against a $20 billion commitment, while Marvell (MRVL.O) has issued Alphabet's Google (GOOGL.O) warrants that give the search giant the right to buy a potential $12.2 billion stake.
高通在一项价值600亿美元的AI数据中心芯片交易中向亚马逊提供了权证。
Qualcomm gave Amazon warrants in a $60 billion deal for its AI data-center chips.