If AMD's stock price reaches $600 to $700, Meta and OpenAI's GPU capital costs may drop to zero

SemiAnalysis pointed out that AMD has reached an agreement with Meta and OpenAI to provide performance linked warrants to both companies, with the ownership of the warrants depending on the progress of the 6GW AMD Instinct GPU procurement and the AMD stock price threshold. AMD's stock price has risen from around $200 at the beginning of 2026 to around $500 to $600 currently. If the deployment of 6GW capacity is completed, the capital cost per GPU hour for Meta and OpenAI will decrease from approximately $2.15 and $2.50 to approximately $1.60 and $1.75, respectively. If AMD's stock price rises to $600 to $700, the GPU capital costs of both companies may drop to zero. If AMD's stock price rises above $1000, the entire cluster's capital cost could theoretically drop to near zero.