AMD's stock has cleared the share-price condition embedded in the warrant it issued to OpenAI, even though the GPUs that trigger those share grants have only just begun to ship.

A year ago to the day, AMD (NASDAQ: AMD) handed OpenAI a warrant for up to 160 million shares, with the richest payouts tied to AMD's stock reaching set price targets and to OpenAI actually taking delivery of the chips. Last week, AMD's share price rose to $631, lifting the company's market value above $1 trillion and clearing the roughly $600-a-share requirement around which the OpenAI deal was built.

The Instinct GPUs that trigger the share grants, however, have barely begun to ship, largely because of supply bottlenecks that CEO Lisa Su is working to address during a trip to Asia this week.

What AMD's current valuation unlocks

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

OpenAI can claim the full stock award only after two conditions are met: AMD's share price must reach $600, and OpenAI must hit the technical and business goals needed for AMD's chips to be rolled out widely. The stock's climb to $631 satisfies the price condition and pushed the company's market value past $1 trillion. The OpenAI milestone has not yet been met, leaving the remaining warrant tranches contingent on deployment rather than on the share price.

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

Su's supply push across Asia

Speaking to reporters in Taipei on Tuesday, Su said the company had lifted supply through 2026 and would "substantially increase our supply in 2027." framed the Taipei visit as a push to secure capacity, meeting with Foxconn and preparing to meet TSMC. She will also fly to South Korea for talks with memory makers Samsung and SK Hynix. The itinerary spans the capacity levers behind the ramp: wafers at TSMC and memory from Samsung and SK Hynix.

Su has said 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 data center sales should double in 2027.

The Anthropic agreement

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

The demand is visible in AMD's financials. The company reported $11.5 billion in second-quarter revenue, with data center sales up 107% from a year earlier to $6.7 billion. The stock is up close to 200% in 2026 so far. The calendar ahead provides the checkpoints: the start of OpenAI's 1-gigawatt MI450 rollout in the second half of 2026, Anthropic's first gigawatt in the first half of 2027, and Su's pledged supply increase, alongside her forecast that data center sales double, in 2027.