What happened
AMD (Advanced Micro Devices) designs CPUs and GPUs and trades as an AI-semiconductor stock alongside Nvidia.
AMDAMD·2026Q2 10-QPaidFiling score 66 · Moderate
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AMD's warrants to OpenAI and Meta: 320 million shares at one cent
Q2 2026 10-Q: revenue $11.5bn (+50%), net income $2.3bn. Of that, other income of $598m (23% of pre-tax income) is an unrealized gain from the public listing of a held stake. Also disclosed: up to $4.1bn of data-center lease guarantees and up to $5.0bn of post-quarter investment commitments
AMD (Advanced Micro Devices) reported revenue of $11,536m for the second quarter of 2026 (March 29–June 27), up 50% from a year earlier, and net income of $2,297m. The equity note of the 10-Q filed on August 5 contains one item that does not appear on the income statement: warrants giving OpenAI and Meta the right to buy up to 160 million shares each at $0.01 per share.
In plain terms
AMD gave one customer the right to buy its shares at almost no cost. If that right is used in full, new shares equal to about 20% of the current count come into existence. What existing holders own is divided by that much.
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66 Filing score · Moderate
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FAQ
What does it mean that the warrants are not on the books?
The 10-Q states that as of June 27 no warrant shares had vested or become exercisable and the warrants had no impact on the Q2 and first-half financial statements. Tranches vest as conditions (GPU purchase milestones, share-price thresholds) are met, and the company says the warrants will be classified as liabilities until certain conditions for equity classification are met. What that accounting means for shareholders is explained in the subscriber section.
Where did the $598m of other income come from?
MD&A attributes the increase primarily to 'unrealized gains from the public market listing of non-marketable equity securities during the second quarter'. The remaining figures and what they mean are in the subscriber section of this article.
What are the lease guarantees and investment commitments?
Guarantees of commercial partners' data-center leases with maximum gross exposure of $4.1bn (terms up to 15 years), recorded as a credit derivative in other long-term liabilities and described as not material.
Where can I verify these numbers?
On SEC EDGAR: AMD's Q2 2026 Form 10-Q (accession 0000002488-26-000123), statement of operations, the 'Warrants' section of the equity note, the fair-value note, lease guarantees, subsequent events, MD&A other income, and the cover page for shares outstanding.
How aiSwingX™ wrote this
- We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
- Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
- An editor reviews before publication; any later change is recorded in the revision history.
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AMD Form 10-Q for Q2 2026 (as of June 27, 2026): statement of operations, statement of stockholders' equity, 'Warrants' note, fair-value note (long-term investments, non-marketable equity securities), 'Lease Guarantees' note, subsequent events (investment commitments), MD&A 'Other Income (Expense), Net', cover page (shares outstanding) · SEC EDGAR · This article is not investment advice. Disclaimer