AMD 权证交易实为隐性折扣

AMD's warrant deals with OpenAI and Meta usually get described as equity sweeteners. Run the math, and these look more like a rebate that matches the price of the compute itself, with up to a 105% discount for OpenAI. (1/3)🧵 https://t.co/pMmnrnQ0wp  SemiAnalysis (@SemiAnalysis_): Per AMD's 8-K, the warrants vest in tranches tied to share price, topping out at a $600 hurdle, and can be exercised for $0.01, essentially nothing. So the value handed back to the buyer scales directly with AMD's stock. (2/3) https://t.co/8xB0fmKWHO SemiAnalysis (@SemiAnalysis_): Push the warrant rebate to the top tranche — AMD at $600, everything vested, warrants exercised for a penny — and the implied effective discount is as high as 85% to even 105%. At that point, you're paying the customer to take them and funding it with your own equity. That's a fine trade if the volume commitment moves the share price, which has already risen to $520+ on the back of AI accelerator demand. It's a circular one if it doesn't. More on this, and AMD's attempts to break the CUDA moat, at our recent AMD Advancing AI article (3/3) https://t.co/PnT6J3JSuV