[8-K] ADVANCED MICRO DEVICES INC Reports Material Event
Advanced Micro Devices, Inc. granted OpenAI OpCo, LLC a warrant to buy up to 160 million shares of AMD common stock at an exercise price of $0.01 per share. The shares vest in tranches tied to purchases of AMD Instinct GPUs: the first tranche vests after delivery of 1 gigawatt of MI450 Series GPUs and full vesting requires 6 gigawatts of purchases by the warrantholder, affiliates, or authorized third‑party purchasers. Vesting also depends on escalating company stock price targets, with the final tranche tied to a $600 per‑share threshold, and on specified technical and commercial conditions before exercise is allowed. The warrant is nontransferable except to affiliates, the shares are freely tradeable once issued (subject to law), and the warrantholder received customary registration rights.
Advanced Micro Devices, Inc. ha concesso OpenAI OpCo, LLC una warrant per acquistare fino a 160 milioni di azioni ordinarie AMD a un prezzo di esercizio di $0.01 per azione. Le azioni maturano in tranche legate agli acquisti di GPU AMD Instinct: la prima tranche matura dopo la consegna di 1 gigawatt di GPU della serie MI450 e la maturazione completa richiede 6 gigawatt di acquisti da parte del titolare del warrant, delle affiliate o di acquirenti terzi autorizzati. La maturazione dipende anche da obiettivi crescenti del prezzo delle azioni della società, con l’ultima tranche legata a una soglia di $600 per azione, e da condizioni tecniche e commerciali specificate prima che l’esercizio sia consentito. Il warrant non è trasferibile salvo verso affiliate, le azioni sono liberamente negoziabili una volta emesse (soggette alla legge) e il titolare del warrant ha ricevuto diritti di registrazione usuali.
Advanced Micro Devices, Inc. otorgó a OpenAI OpCo, LLC una warrant para comprar hasta 160 millones de acciones comunes de AMD a un precio de ejercicio de $0.01 por acción. Las acciones se consolidan en tramos vinculados a compras de GPU AMD Instinct: el primer tramo vence tras la entrega de 1 gigavatio de GPU de la serie MI450 y la adquisición total requiere 6 gigavatios de compras por parte del titular del warrant, afiliados o compradores terceros autorizados. El vesting también depende de objetivos crecientes del precio de las acciones de la empresa, con el tramo final ligado a un umbral de $600 por acción, y de condiciones técnicas y comerciales específicas antes de permitir el ejercicio. El warrant es no transferible excepto a afiliados; las acciones son libremente negociables una vez emitidas (sujetas a la ley), y el titular del warrant recibió derechos de registro habituales.
Advanced Micro Devices, Inc.은 OpenAI OpCo, LLC에 1억6천만 주의 AMD 보통주를 $0.01의 행사 가격으로 매입할 수 있는 워런트를 부여했습니다. 주식은 AMD Instinct GPU 구매와 연계된 단계로 취득되며, MI450 시리즈 GPU 1기가와트의 인도 후 첫 트랜치가 취득되고, 총 취득이 6기가와트에 달해야 전체 취득이 완료됩니다. 취득은 또한 회사 주가의 상승 목표에 따라 달라지며, 최종 트랜치는 주당 $600의 임계치와 명시된 기술적 및 상업적 조건이 충족될 때 행사할 수 있습니다. 워런트는 계열사로의 이전을 제외하고 양도할 수 없으며, 발행된 주식은 법의 제약 하에 자유롭게 거래될 수 있으며, 워런트 소유자는 일반적인 등록 권리를 받습니다.
Advanced Micro Devices, Inc. a accordé à OpenAI OpCo, LLC un warrant d’achat pour jusqu’à 160 millions d’actions ordinaires AMD à un prix d’exercice de $0.01 par action. Les actions s’acquièrent par tranches liées à des achats de GPU AMD Instinct : la première tranche s’acquiert après la livraison de 1 gigawatt de GPU de la série MI450, et l’acquisition complète nécessite 6 gigawatts d’achats par le titulaire du warrant, les affiliés ou des acheteurs tiers autorisés. L’intéressement dépend également d’objectifs croissants du cours de l’action de l’entreprise, la tranche finale étant liée à un seuil de $600 par action, et à des conditions techniques et commerciales spécifiées avant que l’exercice soit autorisé. Le warrant est non transférable, sauf vers des affiliés; les actions sont librement négociables une fois émises (sous réserve de la loi), et le titulaire du warrant a reçu des droits d’enregistrement habituels.
Advanced Micro Devices, Inc. gewährte OpenAI OpCo, LLC eine Warrants zum Kauf von bis zu 160 Millionen AMD-Stammaktien zu einem Ausübungspreis von $0.01 pro Aktie. Die Aktien vesten in Tranchen, die an Käufe von GPU AMD Instinct gebunden sind: Die erste Tranche vestet nach Lieferung von 1 Gigawatt GPUs der Serie MI450 und eine vollständige Vesting erfordert 6 Gigawatt Käufe durch den Warrantholder, Affiliates oder autorisierte Drittkäufer. Das Vesting hängt auch von steigenden Kurszielen des Unternehmens ab, wobei die letzte Tranche an eine Barriere von $600 pro Aktie gebunden ist, und an festgelegte technische und kommerzielle Bedingungen, bevor eine Ausübung erlaubt ist. Der Warrants ist nicht übertragbar, außer zu Affiliates; die Aktien sind nach Emission frei handelbar (unter Beachtung des Rechts), und der Warrantholder erhält übliche Registrierungsrechte.
Advanced Micro Devices, Inc. منحت OpenAI OpCo, LLC سنداً إبرامياً لشراء حتى 160 مليون سهماً من أسهم AMD العادية بسعر ممارسة قدره $0.01 للسهم. تتكوّن الأسهم من دفعات مرتبطة بمشتريات AMD Instinct GPUs: الدفعة الأولى تستحق عند تسليم 1 جيجاوات من GPU من سلسلة MI450، وتتطلب vesting الكامل 6 جيجاوات من المشتريات من قبل حامل السند، أو الشركات التابعة، أو مشترين طرف ثالث مخولين. يعتمد vesting أيضاً على أهداف سعر السهم المتصاعدة للشركة، مع ربط الدفعة الأخيرة بعتبة $600 للسهم، وبحسب شروط تقنية وتجارية محددة قبل السماح بالتمرين. السند غير قابل للنقل باستثناء إلى الشركات التابعة، والأسهم قابلة للتداول بحرية بعد الإصدار (وفقاً للقانون)، وتلقى حامل السند حقوق تسجيل اعتيادية.
Advanced Micro Devices, Inc. 授予 OpenAI OpCo, LLC 一份认股权证，最多可购买 AMD 普通股 1.6 亿股，行使价格为每股 $0.01。该等股票按与购买 AMD Instinct GPU 相关的阶段性条款分阶段归属：首个阶段在交付 1 gigawatt 的 MI450 系列 GPU 后归属，全部归属需要 6 gigawatts 的购买量由认股权证持有者、关联方或授权的第三方购买者完成。归属还取决于公司股价目标的逐步上升，最终阶段与每股 $600 的门槛相关，并在允许行使前需满足指定的技术和商业条件。认股权证不可转让，除非给关联方；发行后股票在符合法律前提下可自由交易，认股权证持有人获得惯常的登记权利。
- Performance‑linked structure ties equity to real product deliveries (1 GW and 6 GW milestones)
- Registration rights ensure tradability for issued shares once vested and registered
- Low exercise price ($0.01) signals the warrant is intended as a commercial incentive rather than cash consideration
- Potential dilution of up to 160 million shares if all vesting conditions are met
- High stock price targets (up to $600) and additional technical/commercial conditions may create uncertainty around timing of issuance
- Limited transferability (only to affiliates except limited exceptions) could constrain secondary market flexibility prior to registration
Insights
TL;DR: AMD structured a performance‑linked equity incentive to secure large GPU purchases.
The warrant ties equity issuance to concrete product deliveries: initial vesting after
Execution risk depends on actual product uptake and on stock price hurdles, including a final target of
TL;DR: The warrant provides liquidity protections and limited transferability while adding potential low‑cost dilution.
The $0.01 exercise price implies that, if vested, the warrantholder could acquire shares at nominal cost, creating material potential dilution up to 160 million shares. Registration rights reduce market‑access friction for selling shares once issued.
However, transfer restrictions and multiple technical/commercial conditions may delay conversion; the steep stock price triggers (up to
Advanced Micro Devices, Inc. ha concesso OpenAI OpCo, LLC una warrant per acquistare fino a 160 milioni di azioni ordinarie AMD a un prezzo di esercizio di $0.01 per azione. Le azioni maturano in tranche legate agli acquisti di GPU AMD Instinct: la prima tranche matura dopo la consegna di 1 gigawatt di GPU della serie MI450 e la maturazione completa richiede 6 gigawatt di acquisti da parte del titolare del warrant, delle affiliate o di acquirenti terzi autorizzati. La maturazione dipende anche da obiettivi crescenti del prezzo delle azioni della società, con l’ultima tranche legata a una soglia di $600 per azione, e da condizioni tecniche e commerciali specificate prima che l’esercizio sia consentito. Il warrant non è trasferibile salvo verso affiliate, le azioni sono liberamente negoziabili una volta emesse (soggette alla legge) e il titolare del warrant ha ricevuto diritti di registrazione usuali.
Advanced Micro Devices, Inc. otorgó a OpenAI OpCo, LLC una warrant para comprar hasta 160 millones de acciones comunes de AMD a un precio de ejercicio de $0.01 por acción. Las acciones se consolidan en tramos vinculados a compras de GPU AMD Instinct: el primer tramo vence tras la entrega de 1 gigavatio de GPU de la serie MI450 y la adquisición total requiere 6 gigavatios de compras por parte del titular del warrant, afiliados o compradores terceros autorizados. El vesting también depende de objetivos crecientes del precio de las acciones de la empresa, con el tramo final ligado a un umbral de $600 por acción, y de condiciones técnicas y comerciales específicas antes de permitir el ejercicio. El warrant es no transferible excepto a afiliados; las acciones son libremente negociables una vez emitidas (sujetas a la ley), y el titular del warrant recibió derechos de registro habituales.
Advanced Micro Devices, Inc.은 OpenAI OpCo, LLC에 1억6천만 주의 AMD 보통주를 $0.01의 행사 가격으로 매입할 수 있는 워런트를 부여했습니다. 주식은 AMD Instinct GPU 구매와 연계된 단계로 취득되며, MI450 시리즈 GPU 1기가와트의 인도 후 첫 트랜치가 취득되고, 총 취득이 6기가와트에 달해야 전체 취득이 완료됩니다. 취득은 또한 회사 주가의 상승 목표에 따라 달라지며, 최종 트랜치는 주당 $600의 임계치와 명시된 기술적 및 상업적 조건이 충족될 때 행사할 수 있습니다. 워런트는 계열사로의 이전을 제외하고 양도할 수 없으며, 발행된 주식은 법의 제약 하에 자유롭게 거래될 수 있으며, 워런트 소유자는 일반적인 등록 권리를 받습니다.
Advanced Micro Devices, Inc. a accordé à OpenAI OpCo, LLC un warrant d’achat pour jusqu’à 160 millions d’actions ordinaires AMD à un prix d’exercice de $0.01 par action. Les actions s’acquièrent par tranches liées à des achats de GPU AMD Instinct : la première tranche s’acquiert après la livraison de 1 gigawatt de GPU de la série MI450, et l’acquisition complète nécessite 6 gigawatts d’achats par le titulaire du warrant, les affiliés ou des acheteurs tiers autorisés. L’intéressement dépend également d’objectifs croissants du cours de l’action de l’entreprise, la tranche finale étant liée à un seuil de $600 par action, et à des conditions techniques et commerciales spécifiées avant que l’exercice soit autorisé. Le warrant est non transférable, sauf vers des affiliés; les actions sont librement négociables une fois émises (sous réserve de la loi), et le titulaire du warrant a reçu des droits d’enregistrement habituels.
Advanced Micro Devices, Inc. gewährte OpenAI OpCo, LLC eine Warrants zum Kauf von bis zu 160 Millionen AMD-Stammaktien zu einem Ausübungspreis von $0.01 pro Aktie. Die Aktien vesten in Tranchen, die an Käufe von GPU AMD Instinct gebunden sind: Die erste Tranche vestet nach Lieferung von 1 Gigawatt GPUs der Serie MI450 und eine vollständige Vesting erfordert 6 Gigawatt Käufe durch den Warrantholder, Affiliates oder autorisierte Drittkäufer. Das Vesting hängt auch von steigenden Kurszielen des Unternehmens ab, wobei die letzte Tranche an eine Barriere von $600 pro Aktie gebunden ist, und an festgelegte technische und kommerzielle Bedingungen, bevor eine Ausübung erlaubt ist. Der Warrants ist nicht übertragbar, außer zu Affiliates; die Aktien sind nach Emission frei handelbar (unter Beachtung des Rechts), und der Warrantholder erhält übliche Registrierungsrechte.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
Warrant
On October 5, 2025, Advanced Micro Devices, Inc. (the “Company”) issued to OpenAI OpCo, LLC (“Warrantholder”) a warrant (the “Warrant”) to purchase up to an aggregate of 160 million shares of common stock of the Company (the “Warrant Shares”) at an exercise price of $0.01 per share. The Warrant Shares vest in tranches based on milestones tied to purchases of AMD Instinct™ GPU products by Warrantholder or its affiliates, or indirectly through third parties (“Authorized Purchasers”), with the first tranche of shares vesting after the delivery of the initial one (1) gigawatt of AMD Instinct MI450 Series GPU products and full vesting for the 160 million shares contingent upon Warrantholder, its affiliates or Authorized Purchasers purchasing six (6) gigawatts of AMD Instinct GPU products. Vesting of Warrant Shares are further subject to achievement of specified Company stock price targets that escalate to $600 per share for the final tranche and stock performance thresholds. Additionally, each tranche of vested Warrant Shares is subject to the fulfillment of certain other technical and commercial conditions prior to exercise.
The Warrant was issued in connection with and concurrent with the entry into that certain product purchase agreement (the “Agreement”) by and between the Company and Warrantholder, which govern the purchase of AMD Instinct GPU products from the Company. Concurrent with signing, Warrantholder agreed to a binding commitment to purchase (directly or through its affiliates or Authorized Purchasers) the initial one (1) gigawatt of AMD Instinct MI450 Series GPU products.
Subject to the terms and conditions therein, the Warrant is exercisable in whole or in part after the date of issuance until 5:00 p.m. Eastern time on October 5, 2030 (the “Expiration Date”), at Warrantholder’s election, by cash payment or cashless exercise. The Warrant may not be transferred other than to affiliates, with limited exceptions. The Warrant Shares are freely tradeable, subject to securities laws and specified limitations. Warrantholder has customary demand and piggyback registration rights with respect to the Warrant and the Warrant Shares pursuant to that certain Registration Rights Agreement entered into with the Company in connection with and concurrent with the issuance of the Warrant.
The Warrant was issued, and the Warrant Shares are expected to be issued, in reliance on the exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The foregoing description is not complete and is qualified in its entirety by reference to the text of the Warrant in Exhibit 4.1 attached hereto, and the Registration Rights Agreement in Exhibit 10.1 attached hereto, to this Current Report on Form 8-K and incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.02.
Item 7.01 Regulation FD Disclosure.
Attached hereto as Exhibit 99.1 is a copy of the press release with the Company’s announcement regarding the execution of the Agreement and issuance of the Warrant.
The information in this Current Report on Form 8-K furnished pursuant to Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section and such information shall not be deemed to be incorporated by reference into any of the Company’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 4.1 | Warrant to Purchase Shares of Common Stock, dated October 5, 2025, between Advanced Micro Devices, Inc. and OpenAI OpCo, LLC. | |
| 10.1 | Registration Rights Agreement, dated October 5, 2025, between Advanced Micro Devices, Inc. and OpenAI OpCo, LLC. | |
| 99.1 | Press Release of Advanced Micro Devices, Inc. dated October 6, 2025. | |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: October 6, 2025 | ADVANCED MICRO DEVICES, INC. | |||||
| By: | /s/ Jean Hu | |||||
| Name: | Jean Hu | |||||
| Title: | Executive Vice President, Chief Financial Officer & Treasurer | |||||
FAQ
What did AMD agree to with OpenAI OpCo (AMD)?
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