AMD Warrants Given to OpenAI and Meta Confirmed as Price Rebates, Discount for OpenAI Reaches 105%

TechFlow news, on July 28, semiconductor research firm SemiAnalysis pointed out that the warrant transactions between AMD and OpenAI and Meta are essentially computing resource price rebates, rather than simple equity incentives. According to their calculations, the discount rate for OpenAI in this transaction is as high as 105%, equivalent to AMD providing computing power to OpenAI at a price below cost, and compensating the difference through warrants. This structure indicates that AMD is adopting an aggressive pricing strategy to compete with NVIDIA in order to seize AI training market share.