Meta Platforms 同意自 2026 年下半年起，在 5 年内部署 6 gigawatts 的 AMD 架构资料中心容量，将这项合作定位为重大 AI 基础设施扩张，以及对 Nvidia 的竞争性举措。AMD CEO Lisa Su 表示，这些交易每 gigawatt 的价值为「double-digit billions」美元，意味著 6 GW 计划的潜在总承诺可达数百亿美元规模。作为量级参考，1 GW 大致相当于核反应炉输出，且常被比较为约 700000 户家庭用电，因此 6 GW 代表极大的电力与算力需求，并集中于 AI 工作负载。

商业结构把硬体采购与股权连结激励结合：Meta 将获得 160 million 股 AMD 股票的认股权，仅在部署与技术里程碑达成且 AMD 股价达到指定水准时，才会分阶段归属。Su 表示部分归属门槛高达每股 $600，显示此方案绑定的是未来可观的股价升值，而非立即转移。公告当日市场反应强劲，AMD 上涨 8.8% 至 $213.84（自 November 以来最佳 1-day 涨幅），Meta 涨幅则低于 1%；分析师质疑稀释效应、对其他客户的先例风险，以及该交易是否需要股权甜头。

在策略上，该协议支持 Meta 已表述的计划：本十年建置「tens of gigawatts」，最终达到「hundreds of gigawatts or more」，同时维持多供应商路线，涵盖 Nvidia 与内部晶片计划，以对应不同工作负载，尤其是推论。对 AMD 而言，Meta 原本已是其 No. 2 客户，而此交易可能实质加速成长：AMD 去年营收为 $34.6 billion，市场一致预期今年为 +34%，即使仅新增 $10 billion，相对当前规模也意义重大。整体背景仍然波动：AMD 股价在 2025 年上涨 77%，但在此消息前今年迄今下跌 8.2%，因此这项合作在强化 AI 需求动能的同时，也加剧投资人对估值敏感性与供应商—客户之间日益循环的金融关系的担忧。

Meta Platforms agreed to deploy 6 gigawatts of AMD-based data center capacity over 5 years starting in 2H 2026, framing the partnership as a major AI infrastructure expansion and a competitive move against Nvidia. AMD CEO Lisa Su said the transactions are worth “double-digit billions” of dollars per gigawatt, implying potential total commitments in the tens of billions for the 6 GW plan. For scale, 1 GW is roughly nuclear-reactor output and is often compared with electricity for about 700000 homes, so 6 GW represents very large power-and-compute demand concentrated in AI workloads.

The commercial structure combines hardware purchases with equity-linked incentives: Meta will receive warrants for 160 million AMD shares, vesting in stages only if deployment and technical milestones are met and if AMD stock reaches specified levels. Su said some vesting thresholds go as high as $600 per share, indicating the package is tied to substantial future share appreciation rather than immediate transfer. Market reaction was strong on announcement day, with AMD rising 8.8% to $213.84 (best 1-day gain since November) while Meta gained less than 1%; analysts questioned dilution, precedent risk for other customers, and whether the deal required equity sweeteners.

Strategically, the agreement supports Meta’s stated plan to build “tens of gigawatts” this decade and eventually “hundreds of gigawatts or more,” while keeping a multi-supplier approach that includes Nvidia and internal chip programs for different workloads, especially inference. For AMD, Meta was already its No. 2 customer, and the deal could materially accelerate growth: AMD posted $34.6 billion revenue last year, consensus points to +34% this year, and even an incremental $10 billion would be significant versus current scale. The backdrop remains volatile: AMD shares rose 77% in 2025 but were down 8.2% year-to-date before this news, so the partnership reinforces AI demand momentum while also intensifying investor concerns about valuation sensitivity and increasingly circular supplier-customer financial ties.