Tuesday, February 24, 2026

What AMD’s $100 billion deal with Meta means for CEO Lisa Su and the AI chipmaker

Last year, AMD CEO Lisa Su was No. 4 on the Fortune Most Powerful Women list. With more than a decade behind her at the helm of the chipmaker, Su had positioned AMD to be the most formidable rival to Nvidia, even as her company was still a fairly-distant second in the AI chips race.

This morning, Su inked a deal that sets AMD up to truly compete with Nvidia in the years ahead. Meta agreed to buy six gigawatts’ worth of AI computing power in a deal valued at more than $100 billion. Meta could own as much as 10% of AMD’s stock following the deal.

According to the WSJ, Su told reporters that the deal is meant to counter competitors like Nvidia. “Meta has a lot of choices,” she said. “I want to make sure that we are always a clear seat at the table when they think about what they need next.” Meta CEO Mark Zuckerberg said he expects “AMD to be an important partner for many years to come.”

You can read all about the implications of this deal for the AI industry; it’s another example of the “circular financing” that has some worried about a bubble. For Su, the deal shows her determination to make AMD a true leader in the AI race and not just a second-tier player. Su has shown her influence in other ways recently; she was one of very few women among the tech leaders at President Trump’s AI dinner at the White House in September. We’ll have to see what this means for her ranking among the world’s most powerful women this year.

Speaking of, a reminder that nominations for the 2026 Most Powerful Women list are due tomorrow. See all details about how to apply here. If you need an extension, feel free to flag to mpwlist2026@fortune.com; we won’t be able to individually respond to extension requests.

Emma Hinchliffe
emma.hinchliffe@fortune.com

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