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Luke Kawa

AMD soars after striking megadeal with OpenAI that “is expected to deliver tens of billions of dollars in revenue”

OpenAI’s cash burn makes the investing world go ’round, and today, makes shares of Advanced Micro Devices go way up.

The chip designer is surging after being the latest to strike a pact with the Sam Altman-led venture to accelerate the AI build-out, which AMD CFO Jean Hu said “is expected to deliver tens of billions of dollars in revenue.”

The deal will see AMD sell multiple generations of its flagship GPUs to OpenAI, powering 6 gigawatts of its AI infrastructure. The first deployment is slated to start in the second half of 2026.

AMD’s AI GPU sales are expected to total $6.56 billion in fiscal 2025 and $10.26 billion in fiscal 2026 — and that latter figure is likely heading higher as analysts adjust estimates following this announcement.

This accord “quickly brings Lisa Su and AMD right into the core of the AI chip spending cycle and is a huge vote of confidence from OpenAI and Altman,” wrote Wedbush Securities analyst Dan Ives. “Any lingering fears around AMD should now be thrown out the window as this gives them a major platform to monetize the AI Revolution.”

The deal also marks the latest in a recent series of aggressive steps from OpenAI to amass computing power for the AI boom, including massive agreements with Broadcom and Oracle. To make good on these pacts will likely require equally aggressive moves from OpenAI to raise capital through private markets or, potentially, an IPO down the road.

Shares of Nvidia, the leader in AI GPUs, turned from positive to negative after this deal was announced.

As part of this agreement, AMD has issued warrants to OpenAI that enable the ChatGPT developer to receive 160 million shares, or about 10% of the company, if certain operational and stock price targets are hit over time.

“This partnership brings the best of 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,” AMD CEO Lisa Su said.

“AMD’s leadership in high-performance chips will enable us to accelerate progress and bring the benefits of advanced AI to everyone faster,” added OpenAI cofounder and CEO Sam Altman.

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Luke Kawa

CoreWeave jumps after expanding its AI compute sales deal with Meta to $21 billion

CoreWeave is popping in premarket trading after announcing it is boosting its deal to offer AI computing capacity to Meta.

The neocloud will now provide approximately $21 billion in AI compute to the social media giant through December 2032.

That increases the size of the agreement by about 50% and the length of the deal by a year when compared to the original pact the two sides inked back in September, which had included an option to expand this commitment — which has seemingly been exercised with today’s announcement.

CoreWeave recently closed a financing deal that management billed as the first of its kind, as it was backed by its chips and Meta’s AI compute purchase. This ability to effectively borrow Meta’s superior creditworthiness helped CoreWeave reduce its cost of debt.

Separately, CoreWeave also announced that it intends to issue $3 billion in senior convertible notes due in 2032 and $1.25 billion in senior notes due in 2031 in separate private offerings.

markets
J. Edward Moreno

STAAR Surgical soars after company reported preliminary sales that crushed expecations

STAAR Surgical rose more than 20% in premarket trading after it gave preliminary Q1 sales numbers that crushed Wall Street expectations, which it attributed to booming sales in China and the Americas.

The company, which sells eye implants, said in a press release published Wednesday that it expects to report revenue north of $90 million in the current quarter, compared to the $73 million analysts polled by FactSet are currently penciling in.

The company said sales in China "accounted for the majority of the increase in net sales, along with continued double-digit growth in the Americas." It also noted that sales in the Middle East "were negatively affected by significant geopolitical and macroeconomic challenges, resulting in a decline in sales in parts of those regions."

The stock is up nearly 21% as of 6:25 a.m. ET, having fallen more than 11% from the start of the year to yesterday’s close.

markets
Luke Kawa

Infleqtion targets revenue growth of 23% in 2026, up from 12% in 2025

Quantum computing firm Infleqtion said it’s aiming to book $40 million in sales this year as it released its 2025 results after the close on Wednesday.

That would be an increase of roughly 23% compared to the $32.5 million in revenues the company generated in 2025, and would mark an acceleration from growth of 12% last year.

The seller of quantum sensors and computers went public via a SPAC in February after carrying a pre-money valuation of $1.8 billion (well below other pure-play peers like Rigetti Computing, IonQ, and D-Wave Quantum).

“We did $29 million in revenue in 2024, and then we announced that we did $50 million of booked and awarded business in 2025. I think that sets a good foundation for significant revenue growth going forward,” CEO Matthew Kinsella told us in February. “I’ve always deeply believed that we need to develop that muscle of commercialization.”

Luke Kawa
16h
Applied Digital Q3 results crush estimates

The AI data center operator just released its fiscal Q3 results.

INDONESIA-TECHNOLOGY-BUSINESS-ENVIRONMENT-AI
Tasha Matsumoto
16h
Stocks climb and oil plunges on US-Iran ceasefire

Stocks continued their six-day winning streak, their longest of 2026, as investors returned to risk.

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