AMD has promised OpenAI and Meta up to 320 million shares at a penny each

Key Summary

AMD has agreed to issue up to 320 million shares to OpenAI and Meta at $0.01 each, with vesting dependent on the customers purchasing up to 6 gigawatts of AMD's Instinct MI450-series GPUs over five years. The warrants, which expire in five years, are tied to AMD's stock price, with the final tranche unlocking if the stock reaches $600. As of September 2026, AMD's stock price had reached $600, pushing its market capitalization past $1 trillion. The deal could boost the outstanding share count by 19.6% and would result in AMD collecting approximately $3.2 million in cash.