$AMD(AMD.US) Let's observe.

AMD has signed large-scale AI computing chip procurement agreements (worth billions to tens of billions of dollars) with OpenAI and Meta respectively. The agreements include up to approximately 10% warrants as incentives for long-term cooperation.

These equity stakes are not directly gifted but are unlocked in phases, subject to multiple conditions being met simultaneously: procurement scale, computing power deployment progress, and stock price performance. The stock price corresponds to different unlock ratios starting from lower ranges, with $600 being the highest tier (ceiling) for full equity vesting, not a market-predicted target price.

In essence, this is a "orders + equity + stock price" binding mechanism: AMD trades potential equity dilution for long-term orders and ecosystem positioning; OpenAI and Meta secure computing power supply and share in AMD's growth benefits. This resembles an industry alliance and supply chain lock-in more than a simple bullish bet on AMD's stock price.