[SemiAnalysis: If AMD's stock price rises to $600-$700, Meta and OpenAI's GPU capital costs could drop to zero] BlockBeats News, August 4th, the independent semiconductor and AI research institution SemiAnalysis published an article stating that AMD reached agreements with Meta and OpenAI late last year and early this year to provide the two companies with performance-linked warrants. These warrants will vest based on the procurement and deployment progress of up to 6GW of AMD Instinct GPUs, and are also contingent on AMD's stock price surpassing multiple thresholds, with the highest threshold set at $600. AMD's stock price has risen from approximately $200 at the beginning of 2026 to its current range of $500-$600. Assuming the vesting of stock price-related warrants follows a roughly linear progression and the full 6GW capacity is deployed, the hourly capital cost per GPU for Meta and OpenAI would decrease from approximately $2.15 and $2.50 to about $1.60 and $1.75, respectively. SemiAnalysis stated that if AMD's stock price rises to the $600-$700 range, the capital costs for GPUs alone for the two companies could effectively drop to zero. If AMD continues to improve its software stack, secure more large-scale customer orders, and push its stock price above $1,000, then the capital costs for the entire cluster—including server equipment, networking, and CPUs—could theoretically approach zero as well. [Original link]