AMD to Invest Up to $5 Billion in Anthropic for Multi-Year Chip Deal

AMD and Anthropic announced a deal on Wednesday combining an equity investment with a multi-year contract for AI chip supply. The chipmaker will invest up to $5 billion in Claude's creator, and in exchange Anthropic has committed to deploying up to 2 gigawatts of computing power based on AMD Instinct MI450 accelerators.

Some of the chips will go to Anthropic's own data centers, while the remaining capacity will be leased through cloud providers and so-called neoclouds, specialized operators of AI computing infrastructure. The model lets the company scale resources flexibly without having to build out all the infrastructure itself.

AMD's Third Major Client

The deal makes Anthropic the third top AI lab in AMD's client portfolio, alongside OpenAI and Meta. It marks a significant shift in the balance of power in the AI chip market, which Nvidia has dominated for years. AMD has spent months positioning itself as a real alternative to Nvidia's chips, offering customers rack-scale Helios systems built on Instinct GPUs.

AMD CEO Lisa Su spoke at the conference about growing customer interest in the MI450 series and Helios systems, noting that order forecasts exceed the company's earlier expectations.

Customer engagement around the MI450 series and Helios is growing, and forecasts from our top customers exceed our original expectations - Lisa Su, AMD CEO

Anthropic Diversifies Its Suppliers

For Anthropic, the AMD deal is another step in its strategy of diversifying computing hardware suppliers. The company already has a deal with Google and Broadcom for multi-gigawatt capacity of TPU tensor processors, estimated by Mizuho analysts at around $21 billion in 2026 alone and $42 billion in 2027. On top of that, Anthropic has committed to spending $200 billion on Google Cloud over five years.

This scale of orders reflects the pace of Anthropic's revenue growth, which the company says surpassed an annualized $30 billion in 2026. Rising demand for training and running Claude models is forcing the company to reserve computing capacity years in advance, across several suppliers at once, so it isn't dependent on a single chipmaker or cloud provider.

Market Reaction

AMD shares rose more than 8 percent in response to news of the deal, also boosted by other announcements from the Advancing AI conference, including an earlier expansion of its partnership with Microsoft on the Azure platform. Analysts have raised price targets for the company in recent days, pointing to growing revenue from its data center segment, projected to reach more than $31 billion in 2026, up from $6.5 billion back in 2023.

For Anthropic itself, the AMD deal also means less dependence on a single hardware supplier, which matters amid global shortages of computing capacity and growing competition for access to the latest AI chips among the largest research labs.

For Polish companies and investors, the deal is another signal that AI infrastructure spending among leading labs is growing faster than forecast even a year ago, driving global demand for chips, energy and cloud services, and indirectly affecting the price and availability of computing capacity outside the United States as well.