Key Highlights

  • Up to USD 5 billion of Investment in Anthropic, plus up to 2 gigawatts of Instinct MI450 GPUs, is what Advanced Micro Devices (NASDAQ:AMD) agreed to on July 22, 2026, a market commentator says.
  • The commentary has 6 gigawatts of chips going to OpenAI from Advanced Micro Devices (NASDAQ:AMD), with OpenAI also receiving warrants on up to 160 million AMD shares, a right to buy them for almost nothing.
  • The USD 637.0B named compute total in the S-1 chart data leaves out estimated extra Google TPU and AMD capacity, so that headline figure does not count the Anthropic chip deal.
  • One market commentator describes a circle: money goes from supplier to customer and back to the supplier as booked revenue, and the sole outside money comes from users.

Two Lab Deals

On July 22, 2026, Advanced Micro Devices (NASDAQ:AMD) announced a tie-up with Anthropic, a market commentator says in a piece dated October 26, 2026. The chip designer committed to up to 2 gigawatts of its Instinct MI450 Series GPUs and to an investment of up to USD 5 billion in Anthropic. For OpenAI, the commentary adds, it agreed to Supply 6 gigawatts and handed over warrants on up to 160 million AMD shares. A Warrant is a right to buy shares at a fixed price, and here the price is described as almost nothing. Gigawatts measure power capacity, a rough guide to the computing a site can run.

How The Circle Works

In the commentator's argument, these deals form a loop. The chip supplier puts money or Equity rights into the lab, the lab spends on the supplier's chips, and the supplier books that spending as revenue. Money from outside reaches the loop only as per token fees, the charge a lab makes for each chunk of text, paid by businesses and consumers, plus whoever buys the IPO. Anthropic's named compute commitments stand at USD 637.0B in the S-1 chart data, which also says estimated extra Google TPU and AMD capacity is excluded. Google, Amazon, Microsoft and Nvidia are listed in the commentary as Anthropic shareholders too, so a supplier becomes both a seller and a funder of its own demand.

Risks And Watch Points

A lower price per token, the commentator expects, would leave lab Revenue short of fixed computing bills and weigh on suppliers with a Backlog tied to those labs. Remember this is a single opinion. Exercise of the warrants, covering up to 160 million shares, would dilute existing holders. Separately, putting as much as USD 5 billion into a customer as equity ties supplier Capital to that customer's fortunes. The main events to watch are the final Anthropic prospectus, which the commentator says will confirm or correct the draft numbers, and the pricing of the listing. A disclaimer on the commentary states that it is not a recommendation to buy or sell any security.

Where Things Stand

Chips go to two labs and equity risk comes back from them, which is how Advanced Micro Devices (NASDAQ:AMD) ends up with up to USD 5 billion of AI exposure. In his account, it will supply 2 gigawatts to Anthropic while investing up to USD 5 billion, and supply 6 gigawatts to OpenAI, which holds warrants over up to 160 million shares. Announced or reported figures are one thing; his view that the loop is fragile is opinion. Worth watching are the final Anthropic prospectus and lab revenue against fixed computing bills. Only published information is reported, with no advice.