NEW YORK, Aug. 25 -- AMD has issued warrants over 320 million of its own shares to two customers, at an exercise price of one cent each. The company had 1.63 billion shares outstanding at the start of the quarter, so the paper it has written against itself amounts to just under a fifth of the business.

One of those warrants went to OpenAI in October 2025. The second went to Meta in February 2026. Both are structured identically, both cover up to 160 million shares, and both vest only as the customer buys AMD accelerators.

The published version of this story is usually the OpenAI half. The Meta half doubles it, and it is in the same paragraph of the same filing.

AMD fell 3.38 per cent to $457.25 in the early afternoon in New York, one o...