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6mo ago

OpenAI’s Giant Chip Orders Outpace Cash, Raising Financing Questions

Funding remains undisclosed despite equity-linked support from suppliers, with analysts estimating costs in the hundreds of billions.

OpenAI passe commande de puces par centaines de milliards de dollars, des montants déconnectés de ses revenus actuels qui inquiètent une partie des investisseurs

Overview

  • OpenAI has committed to roughly 26 gigawatts of AI processors—about ten million units—from Nvidia, AMD and Broadcom, with power needs likened to more than 20 nuclear reactors.
  • Nvidia is reported to have pledged to buy up to $100 billion of OpenAI shares over several years, and AMD has granted shares to the company, in unusually structured supplier-customer deals.
  • OpenAI has not detailed how it will pay for the orders; president Greg Brockman told CNBC the company is considering “different mechanisms.”
  • Analysts say the commitments could require hundreds of billions of dollars, noting OpenAI’s projected $13 billion in 2025 revenue and expectations of losses until at least 2029.
  • Possible options discussed in markets include debt secured by chips and bespoke financing vehicles, while opinions diverge between bubble concerns and confidence in strong AI demand, including reported 800 million weekly users of ChatGPT.