Advanced Micro Devicesreason 02 of 4not in the tablederived 2026-09-11accession 0000002488-26-000123
Multi-year, multi-gigawatt GPU commitments from two of the largest AI infrastructure builders provide unusual revenue visibility in a typically order-to-order semiconductor business. The warrant structure aligns incentives: customers benefit from AMD's success, making them sticky partners rather than transactional buyers.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on
“In October 2025 and February 2026, we entered into multi-year agreements with OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta), respectively, under which each customer intends to deploy up to 6 gigawatts of AMD data center GPUs”
“The first gigawatt of each deployment powered by our AMD Instinct MI450 series products”
“We issued each customer a warrant to purchase up to 160 million shares of our common stock at an exercise price of $0.01 per share, vesting in tranches tied to AMD Instinct GPU purchase milestones and specified AMD stock price and/or performance conditions”
what it was checked against
warrant structure with purchase milestones
“In connection with these agreements, we issued each customer a warrant to purchase up to 160 million shares of our common stock at an exercise price of $0.01 per share, vesting in tranches tied to AMD Instinct GPU purchase milestones and specified AMD stock price and/or performance conditions.”