AMD has granted OpenAI and Meta the right to purchase up to 320 million shares at $0.01 each, conditional on the two companies honoring their hardware purchase commitments. Each warrant covers up to 160 million shares and is tied to the purchase of 6 gigawatts of AMD Instinct MI450 GPUs over roughly five years, as well as hitting progressive stock price targets reaching as high as $600. If both warrants were fully exercised, the share count would increase by approximately 19.6%, rising from 1.63 billion to roughly 1.95 billion shares outstanding. In September 2026, AMD was trading between $600 and $630, pushing its market capitalization past $1 trillion, making the paper value of exercisable shares between $192 billion and $202 billion for an actual cash collected of just $3.2 million.
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