OpenAI agreed with AMD, crypto miners surged.

OpenAI's Agreement with AMD

OpenAI has made an agreement with Advanced Micro Devices (AMD) for chip purchases worth billions of dollars. This agreement means that OpenAI could eventually hold up to a 10% stake in AMD. As a result of the deal, AMD shares surged by 30%, reaching approximately $225.

The total processing power capacity of the chips involved in the agreement will be 6 gigawatts (GW). OpenAI executives stated that developing each 1 GW capacity requires an estimated $50 billion in costs.

Small-Scale Increases

Large-scale agreements and infrastructure developments are affecting the stock prices of AI (artificial intelligence) and high-performance computing (HPC)-focused miners. In transactions on Monday, Bitfarms (BITF) shares rose by 8%, while IREN shares increased by 12% to reach an all-time high of $56. On the other hand, Hive Digital (HIVE) shares rose by 12%, Cipher Mining (CIFR) by 7%, CleanSpark (CLSK) by 5%, and TerraWulf (WULF) by 5%.

Galaxy Digital's New Moves

Galaxy Digital (GLXY) has significantly benefited from the rapid value changes in the AI and HPC infrastructure sector. The company has transformed the Helios campus into a large-scale AI/HPC data center. In August, it secured $1.4 billion in project financing for the modernization of the facility and signed a long-term lease agreement with CoreWeave (CRWV) covering processing capacity of up to 800 MW. Galaxy Digital shares rose by 5% following the AMD news. Additionally, it launched a new asset management platform called GalaxyOne, which offers a 4% return on FDIC-insured cash and provides automatic investment opportunities in cryptocurrencies and U.S. stocks. Galaxy Digital shares have gained 116% in value since the beginning of the year.