内容来源：https://techcrunch.com/2025/10/08/even-after-stargate-oracle-nvidia-and-amd-openai-has-more-big-deals-coming-soon-sam-altman-says/

内容总结：

在人工智能行业竞争日趋白热化之际，OpenAI与两大芯片巨头的资本运作引发业界震动。就在英伟达宣布向这家AI新锐投资千亿美元后不久，其首席执行官黄仁勋公开坦言对AMD与OpenAI的股权置换协议“并不知情”。这场涉及三方利益的资本棋局，正折射出AI行业前所未有的生态变革。

根据公开信息，AMD与OpenAI达成的是一笔非常规交易：AMD将分批授予OpenAI最高达10%的公司股权，而OpenAI则承诺使用并协助开发AMD新一代AI芯片。这种反向持股模式与英伟达直接投资OpenAI形成鲜明对比。黄仁勋在CNBC采访中透露，虽然OpenAI长期通过云服务商使用英伟达设备，但此次是“首次直接向OpenAI销售”，包括GPU系统及网络设备在内的全套解决方案，旨在助其打造自建超大规模数据中心。

然而现实挑战不容小觑。黄仁勋估算，每千兆瓦AI数据中心的建设成本高达500-600亿美元，而OpenAI目前“尚未备足资金”。尽管如此，2025年以来OpenAI已通过“星门计划”等合作锁定约1万亿美元的基础设施投资，包括与甲骨文、软银的5000亿美元合作，与英伟达的10千兆瓦数据中心计划，以及与AMD的6千兆瓦合作。

面对外界对这类“循环交易”的质疑，OpenAI首席执行官萨姆·阿尔特曼在a16z播客中展现出激进姿态。他明确表示未来数月将有更多合作落地，并强调“从未对技术路线图和经济价值如此充满信心”。虽然公司上半年营收仅45亿美元，与万亿投资规模相去甚远，但阿尔特曼坚信必须通过“全行业协同”才能实现基础设施的跨越式布局。

这场由AI领军企业主导、芯片巨头深度绑定的产业博弈，正在重塑全球科技竞争格局。随着更多合作细节浮出水面，人工智能领域的生态联盟或将迎来新一轮洗牌。

中文翻译：

就在英伟达首席执行官黄仁勋对 OpenAI 与竞争对手 AMD 达成数十亿美元合作表示惊讶之际——此前他的公司刚同意向这家 AI 模型开发商投入高达千亿美元资金——萨姆·奥特曼随即透露更多类似合作正在酝酿中。

周三现身 CNBC《 Squawk Box 》节目时，当被问及是否提前知晓 AMD 合作事宜，黄仁勋坦言："确实不知情。"据 TechCrunch 此前报道，OpenAI 与 AMD 的合作模式非同寻常。AMD 同意授予 OpenAI 大量公司股权——未来数年最高可达公司总股本的 10%，具体额度将根据股价涨幅等因素调整。作为交换，OpenAI 将使用并协助开发这家芯片制造商的下一代 AI GPU 芯片，此举使 OpenAI 成为 AMD 的股东。

而英伟达的合作则采取反向操作。这家芯片巨头直接投资了 OpenAI，从而成为其股东。虽然 OpenAI 多年来始终通过微软 Azure、甲骨文 OCI 和 CoreWeave 等云服务商使用英伟达设备，但黄仁勋强调："这是我们首次直接向它们销售硬件。"他补充说公司仍将继续向云服务商供货。

黄仁勋表示，这些包含系统与网络设备在内的 AI 硬件直销，旨在为 OpenAI 转型为"自主运营的超大规模服务商"做准备。换言之，当其开始使用自建数据中心时便能无缝衔接。但他承认 OpenAI 目前"尚未备足资金"支付所有设备，预估每千兆瓦的 AI 数据中心将耗资"500至600亿美元"，涵盖从土地、电力到服务器设备的全部成本。

与此同时，在黄仁勋剖析 OpenAI 基础设施需求的同一天，OpenAI 首席执行官萨姆·奥特曼接受了安德森·霍洛维茨基金的 a16z 播客专访。期间 a16z 联合创始人本·霍洛维茨向奥特曼表示，对其"交易架构的创新性深感钦佩"。作为 OpenAI 的投资方，他的赞赏自在情理之中。OpenAI 已然找到让他人为数十亿设备埋单的可行路径，并持续复制这种模式。

被问及近期系列合作时，奥特曼回应："未来数月各位将见证我们更多动作。"他阐释道，鉴于 OpenAI 未来模型与其他即将面世的产品将实现能力跃升，从而引爆更旺盛市场需求，"我们判定现在正是进行激进基础设施布局的时机"。

现实困境在于，尽管各方数据显示 OpenAI 营收增长迅猛（据称 2025 年上半年已达 45 亿美元），但距万亿美元规模仍相去甚远。不过奥特曼显然相信最终所有这些投资都将获得回报："我对我们的研究路线图以及未来模型将创造的经济价值，从未像现在这般充满信心。"

但他同时指出，OpenAI 无法独力实现这片经济绿洲。"要实施如此规模的战略布局，我们需要整个行业或行业巨头的协同支持。从基础能源到模型分发的全链路环节都需要共建，这涉及庞大体系。因此我们将拓展更多合作伙伴关系。"奥特曼透露未来数月将达成更多协议。

科技行业请拭目以待——OpenAI 的资本运作与战略布局仍在持续加速。

英文来源：

At nearly the same moment as Nvidia CEO Jensen Huang was expressing surprise over OpenAI’s multibillion-dollar deal with competitor AMD — shortly after his company agreed to invest up to $100 billion into the AI model maker — Sam Altman was saying that more such deals are in the works.
Huang appeared on CNBC’s Squawk Box on Wednesday. When asked if he knew about the AMD deal before it was announced, he answered, “Not really.”
As TechCrunch previously reported, OpenAI’s deal with AMD is unusual. AMD has agreed to grant OpenAI large tranches of AMD stock — up to 10% of the company over a period of years contingent on factors like increases in stock price. In exchange, OpenAI will use and help develop the chipmaker’s next-generation AI GPUs chips. This makes OpenAI a shareholder in AMD.
Nvidia’s deal is the reverse. Nvidia has invested in the AI model-making startup, making it a shareholder in OpenAI.
While OpenAI has been using Nvidia gear for years through cloud providers like Microsoft Azure, Oracle OCI, and CoreWeave, “This is the first time we’re going to sell directly to them,” Huang explained. He added that his company would still continue to supply gear to the cloud makers, too.
These direct sales, which include AI gear beyond GPUs like systems and networking, are intended to “prepare” OpenAI for the day when it is its own “self-hosted hyperscaler,” Huang said. In other words, when it’s using its own data centers.
But Huang admits that OpenAI doesn’t “have the money yet” to pay for all of this gear. He estimated that each gigawatt of AI data center will cost OpenAI “$50 to $60 billion,” to cover everything from the land and power to the servers and equipment.
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So far, in 2025, OpenAI has commissioned 10 gigawatts’ worth of U.S. facilities through its $500 billion Stargate deal with partners Oracle and SoftBank. (Plus, it penned a $300 billion cloud deal with Oracle.)
Its partnership with Nvidia was for at least 10 gigawatts of AI data centers. Its partnership with AMD was for 6 gigawatts. Plus its “Stargate UK” partnership involves expanding data centers in the U.K., and it has other European commitments. By some estimates, OpenAI has this year inked $1 trillion worth of such deals.
Similar to the AMD deal, Nvidia’s deal has been criticized for being “circular,” Bloomberg reported. The critics say Nvidia is essentially underwriting OpenAI’s purchases, getting the AI startup’s stock for its efforts.
Altman to the world: Expect more
As Huang was dissecting OpenAI’s infrastructure needs on CNBC, OpenAI CEO Sam Altman’s interview with Andreessen Horowitz’s a16z Podcast dropped.
During the podcast, a16z co-founder Ben Horowitz told Altman that he’s “very impressed by deal structure improvement,” referring to these most recent deals. Andreessen Horowitz is an OpenAI investor, so it would be shocking if he wasn’t impressed. OpenAI has found a way to potentially obtain billions of dollars of equipment on someone else’s dime. Repeatedly.
When asked about these recent deals, Altman said, “You should expect much more from us in the coming months.”
Altman sees OpenAI’s future models and upcoming other products as so much more capable, thereby fueling so much more demand, that “we have decided that it is time to go make a very aggressive infrastructure bet,” he explained.
The problem is that OpenAI’s revenue today is currently nowhere near a $1 trillion, though it is, by all accounts, growing rapidly, reportedly hitting $4.5 billion in the first half of 2025.
Yet Altman obviously believes that eventually all of this investment will pay for itself. “I’ve never been more confident in the research road map in front of us and also the economic value that will come from using those [future] models.”
But, he said, OpenAI can’t get to all of that economic lushness on its own.
“To make the bet at this scale, we kind of need the whole industry, or big chunk of the industry, to support it. And this is from the level of electrons to model distribution and all the stuff in between, which is a lot. So we’re going to partner with a lot of people,” Altman said, with more deals expected in the coming months.
So stand by, tech industry. OpenAI is still wheeling and dealing.