Key Highlights

  • On July 22, 2026, Advanced Micro Devices (NASDAQ:AMD) agreed to Supply up to 2 gigawatts of Instinct MI450 GPUs to Anthropic and invest up to USD 5 billion in the lab, a market commentator says.
  • For OpenAI, the same commentary says Advanced Micro Devices (NASDAQ:AMD) agreed to supply 6 gigawatts of chips and handed OpenAI warrants over up to 160 million AMD shares, a right to buy them for almost nothing.
  • The S-1 chart data excludes estimated extra Google TPU and AMD capacity from its USD 637.0B named compute total, so the Anthropic chip deal is not counted in that headline figure.
  • A market commentator describes a circle in which the supplier funds the customer, the customer pays the supplier, and the supplier books the payment as revenue, with outside money coming only from users.

Two Lab Deals

A market commentator, writing on October 26, 2026, says Advanced Micro Devices (NASDAQ:AMD) announced a strategic Partnership with Anthropic on July 22, 2026. Under it the chip designer agreed to supply up to 2 gigawatts of its Instinct MI450 Series GPUs and to invest up to USD 5 billion in Anthropic. For OpenAI, the commentary says the company agreed to supply 6 gigawatts and gave OpenAI warrants over up to 160 million AMD shares. A Warrant is a right to buy shares at a fixed price, here described as almost nothing. A gigawatt measures power capacity and is a rough guide to how much computing a site can run.

How The Circle Works

The commentator argues these deals form a loop. The chip supplier invests in or gives Equity rights to the lab, the lab spends on the supplier's chips and the supplier books that payment as revenue. Outside income reaches the loop only from businesses and consumers paying per token, the fee a lab charges for each chunk of text, plus whoever buys the IPO. The S-1 chart data shows Anthropic's named compute commitments at USD 637.0B and says estimated extra Google TPU and AMD capacity is excluded. The commentary lists Google, Amazon, Microsoft and Nvidia as Anthropic shareholders too. That makes a supplier both a seller and a funder of its own demand.

Risks And Watch Points

The commentator expects a falling price per token to squeeze lab Revenue against fixed computing bills, which would pressure the suppliers whose Backlog depends on those labs. That is one opinion. Warrants over up to 160 million shares would dilute existing holders if exercised, and an equity Investment of up to USD 5 billion ties supplier Capital to a customer's fortunes. The final Anthropic prospectus, which the commentator says will confirm or correct the draft numbers, and the pricing of the listing are the main events to watch. The commentary carries a disclaimer that it is not a recommendation to buy or sell any security.

Where Things Stand

Advanced Micro Devices (NASDAQ:AMD) is in up to USD 5 billion of AI exposure because it sells chips to two labs and also takes equity risk in them. A market commentator says it will supply 2 gigawatts to Anthropic and invest up to USD 5 billion, and supply 6 gigawatts to OpenAI with warrants over up to 160 million shares. The figures are announced or reported, and the commentator's view that the loop is fragile is an opinion, not a fact. Readers can watch the final Anthropic prospectus and how lab revenue compares with fixed computing bills. This article reports published information and gives no advice.