AMD Signs Performance-Based Warrant Agreements with Meta and OpenAI for Up to 6 GW of Instinct GPUs

Huo Xing Cai Jing reports that, according to SemiAnalysis, AMD entered into performance-based warrant agreements with Meta and OpenAI from late last year to early this year. The warrants will vest in tranches based on the two companies procuring and deploying up to 6 GW of AMD Instinct GPUs, provided AMD’s stock price surpasses tiered targets (up to $600). As AMD’s stock price rose from approximately $200 at the beginning of 2026 to its current range of $500–$600, SemiAnalysis estimates that Meta’s and OpenAI’s GPU capital costs have decreased from approximately $2.15/hour and $2.50/hour to about $1.60/hour and $1.75/hour, respectively. If AMD’s stock price reaches $600–$700, the capital cost of the GPUs themselves will approach zero; if it further exceeds $1,000, the total capital cost of the entire cluster—including servers, networking, and CPUs—will effectively be zero for both companies. This analysis assumes linear vesting and full deployment of 6 GW of capacity; the exact terms of the warrants have not been disclosed.