AMD stock clears OpenAI's warrant price bar before the chips ship

A year ago to the day, AMD (NASDAQ: AMD) handed OpenAI a warrant for up to 160 million shares, with the richest payouts dependent on AMD’s stock reaching set price targets and OpenAI actually taking delivery of the chips. 

AMD’s stock price rose to $631 last week, raising its market value over $1 trillion. The increase also cleared the roughly $600-a-share requirement that its deal with OpenAI was built around.

The Instinct GPUs that trigger the share grants, on the other hand, have barely begun to ship, mainly because of supply bottlenecks that CEO Lisa Su is tackling during her trip to Asia this week.

What does AMD’s current valuation unlock?

In an October 6, 2025, agreement, OpenAI committed to deploy 6 gigawatts of AMD GPUs over multiple hardware generations, starting with a 1-gigawatt rollout of Instinct MI450 chips in the second half of 2026. Under the same deal, AMD issued OpenAI a warrant for up to 160 million shares that vests in tranches.

However, OpenAI can only claim the full stock award after two conditions are met:

• If AMD’s share price hits $600
• If OpenAI reaches the technical and business goals needed for AMD’s chips to be rolled out widely.

Now, AMD’s stock is valued at $631, clearing the requirement and also bringing the company’s market value over $1 trillion. The OpenAI condition is yet to be met so far.

AMD struck a near-identical deal with Meta on February 24, 2026. The deal involved another 6 gigawatts and another 160-million-share warrant on the same milestone structure. Together, the two warrants put up to 320 million AMD shares in play.

Speaking to reporters in Taipei on Tuesday, Lisa Su, AMD’s CEO, said the company had lifted supply through 2026 and would “substantially increase our supply in 2027.” She framed the trip to Taipei as a push to secure capacity, meeting Foxconn and preparing to meet TSMC.

Su will also be flying to South Korea to talk with memory makers Samsung and SK Hynix.

Su has stated that AMD now plans three to five years ahead and needs more advanced wafer capacity. Cryptopolitan reported that on the company’s earnings call, she said that data center sales should double in 2027.

What is AMD’s deal with Anthropic?

Beyond OpenAI and Meta, AMD also signed a July 22 deal with Anthropic for up to 2 gigawatts of MI450 chips, adding up to 14 gigawatts of orders altogether. Anthropic’s first gigawatt is due in the first half of 2027, and AMD has also committed to invest up to $5 billion in the startup.

The demand shows up in the financials. AMD reported $11.5 billion in second-quarter revenue. Data center sales rose 107% from a year earlier to $6.7 billion, and the stock is up by close to 200% in 2026 so far.

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