When a semiconductor company has confidence in the price-performance of its silicon, it does not need to staple its own equity to a purchase order. AMD has done it twice.

In October 2025, AMD issued common-stock warrants to OpenAI. In February 2026, it issued common-stock warrants to Meta. Four months apart. Two flagship AI customers. Two equity-linked instruments attached to commercial commitments. The sequence is on file.

Each disclosure is rational on its own. Together they describe a competitive posture you would not adopt if your accelerator was winning on technical merit alone.