AMD AI Deals Could Add 320m Shares: Who Pays?
AMD would need 19.6% more net profit to offset maximum OpenAI and Meta warrant dilution. The filings show which conditions stand between deals and shares.
7 primary sourcesTicker · 4 articles
Advanced Micro Devices (AMD)
Our AMD coverage asks what financing costs, rather than treating the size of a debt announcement as the whole story. The dedicated analysis works through note maturities and coupon payments, then compares the interest burden with the operating figures in the filings. Related articles distinguish borrowing from share issuance and customer-backed financing across AI infrastructure companies.
Last checked Aug 25, 2026 All companies
Where to start
AMD tripled its long-term debt in one day, at 4.6-5.5% is the dedicated analysis behind this research file. The articles below distinguish this company’s own results from comparisons and supply-chain context.
How to read these figures
Coupon calculations describe the disclosed notes. They do not forecast operating profit or establish that every financing commitment is equivalent to debt. Each group below links to the article that establishes its period, definition and source. These are dated research findings, not current market quotes.
Five ways to fund AI. Only two create interest expense
Alphabet, AMD, Intel and CoreWeave raised $52.35bn for AI capacity in 22 days using five instruments. Where each lands on the statements is not the same.
5 primary sources · 1 correctionAlphabet borrowed $25bn. $10bn of it matures after 2045
Alphabet priced nine tranches out to a 6.500% bond due 2066. Its first-half interest expense was already up more than fivefold before any of this landed.
5 primary sources · 1 correctionAMD tripled its long-term debt in one day, at 4.6-5.5%
AMD's $4.75bn note sale on 17 August takes long-term debt from $2.35bn to about $7.1bn and adds $240m of annual interest to a barely-indebted company.
4 primary sources · 1 correctionFigures we worked out for AMD
Not a data feed. Each of these was calculated inside one of the articles above, from the filings listed at the bottom of this page. The arithmetic is shown so you can redo it — and it is re-run every time this site is built.
| Figure | Value | Arithmetic |
|---|---|---|
| AMD AI Deals Could Add 320m Shares: Who Pays? | ||
| Maximum combined warrant shares | 320,000,000 shares | 160000000 + 160000000 |
| Enlarged share count at maximum issuance | 1,952,475,042 shares | 1632475042 + 320000000 |
| Maximum share-count increase and profit growth needed | +19.6% | 320000000 / 1632475042 |
| Existing ownership fraction reduction | +16.4% | 320000000 / (1632475042 + 320000000) |
| Maximum issuance with flat profit, per-share index | 83.61 index | 100 * 1632475042 / (1632475042 + 320000000) |
| Maximum issuance with 10 percent profit growth, per-share index | 91.97 index | 100 * 1.1 * 1632475042 / (1632475042 + 320000000) |
| Maximum issuance with 20 percent profit growth, per-share index | 100.33 index | 100 * 1.2 * 1632475042 / (1632475042 + 320000000) |
| Maximum issuance with 30 percent profit growth, per-share index | 108.69 index | 100 * 1.3 * 1632475042 / (1632475042 + 320000000) |
| AMD tripled its long-term debt in one day, at 4.6-5.5% | ||
| Total principal raised | $4,750m | 1250 + 1500 + 1000 + 1000 |
| Annual coupon interest on the new notes | $240m | 1250 * 0.046 + 1500 * 0.05 + 1000 * 0.0525 + 1000 * 0.055 |
| Weighted average coupon | +5.1% | (1250 * 0.046 + 1500 * 0.05 + 1000 * 0.0525 + 1000 * 0.055) / 4750 |
| Long-term debt after the issue | $7,101m | 2351 + 4750 |
| Multiple of prior long-term debt | 3.02× | (2351 + 4750) / 2351 |
| Half-year interest expense once the notes are outstanding | $194m | 74 + 240 / 2 |
| Multiple of the reported first-half interest expense | 2.62× | (74 + 240 / 2) / 74 |
| Annual interest against June-quarter operating income | +12.1% | 240 / 1990 |
| Annual interest against 2025 revenue | +0.7% | 240 / 34639 |
| Step from the 2029 coupon to the 2036 coupon | 0.9 pp | 5.5 - 4.6 |
| Proceeds against cash on hand | +93.4% | 4750 / 5086 |
19 figures from 2 articles. Totals and industry averages that belong to no single company are not listed here.
Company-specific SEC sources
- AMD — Q2 2026 Form 10-Q, cover and Note 12Accession 0000002488-26-000123. Quarter ended June 27; outstanding shares dated July 29, 2026. Warrant status and classification are dated June 27.
- AMD — OpenAI agreement Form 8-K, October 6, 2025Accession 0001193125-25-230895, Item 1.01. October 5 warrant issuance, purchase and stock conditions, exercise price and stated expiration.
- AMD — Meta agreement Form 8-K, February 24, 2026Accession 0000002488-26-000045, Item 1.01. February 23 warrant issuance; purchase and stock conditions and stated expiration.
- AMD — OpenAI warrant, Exhibit 4.1Section 1 and redacted Exhibits E/F; cashless exercise permitted.
- AMD — Meta warrant, Exhibit 4.1Section 1 and redacted Exhibits E/F; cashless exercise permitted.
- AMD — OpenAI announcement, October 6, 2025, Exhibit 99.1Initial deployment scheduled for second half of 2026; plan, not evidence of completion.
- AMD — Meta announcement, February 24, 2026, Exhibit 99.1Initial shipments scheduled for second half of 2026; plan, not evidence of completion.
- Advanced Micro Devices — Form 8-K, filed August 17 2026The AMD coupons used in the comparison, including 5.500% due 2036
- SEC company concept API — AMD, LongTermDebtNoncurrent$2,351M at 27 June 2026, and the four quarters before it
- SEC company concept API — AMD, OperatingIncomeLossOperating income of $1,990M in the June 2026 quarter against −$134M a year earlier
- SEC company concept API — AMD, CashAndCashEquivalentsAtCarryingValue$5,086M of cash and equivalents at 27 June 2026
11 documents, deduplicated. Only SEC sources explicitly identified with this company are listed here. Broader research sources remain in the linked articles.