AMD Stock Drops to $608.10 After OpenAI Revenue Gap Report

The drop followed a Financial Times report that put OpenAI's annualized revenue near $50 billion, about $20 billion below prior circulated figures, and the gap matters because OpenAI is one of three customers with announced gigawatt-scale AMD GPU deals. Per the FT's account, the gap reflects how revenue was counted rather than lost sales, and Bloomberg reported on October 9, citing unnamed sources, that OpenAI expects at least $70 billion in annualized revenue by year-end. Oracle and NVIDIA also fell on the report.

AMD's disclosed agreements put the relationship in concrete terms: OpenAI and Meta each signed 6-gigawatt agreements for AMD Instinct GPUs, with the first gigawatt scheduled for the second half of 2026, while Anthropic agreed to deploy up to 2 gigawatts starting in the first half of 2027 and AMD committed to invest up to $5 billion in Anthropic. AMD also issued OpenAI and Meta warrants for up to 160 million shares each, about 20% of the 1,632.48 million shares outstanding, with OpenAI's final tranche carrying a $600 stock price target that AMD already trades above, leaving GPU deliveries as the main gate.

Management has openly acknowledged the concentration. At the Goldman Sachs Communacopia + Technology Conference on September 11, Dan McNamara, AMD's SVP and general manager of Compute Enterprise AI, said the company is "concentrated from an AI standpoint" and "very focused on delivering to our top customers right now with Helios," while Matt Ramsay, corporate vice president of financial strategy and investor relations, said AMD wants to approach the top 15 or 20 buyers of computing power and restated analyst-day targets of more than 60% growth of the data center franchise and more than 80% growth of the AI business.