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$AMD JUST RAISED $4.75B — ITS LARGEST USD BOND DEAL EVER. AMD has completed the biggest dollar-denominated bond issuance in its history, raising $4.75B across four tranches with maturities ranging from 3 to 10 years. The 10-year notes came with a 5.5% coupon, reportedly 25 bps below the company’s initial guidance after strong demand from 16 Wall Street institutions pushed borrowing costs lower. What’s interesting is that AMD doesn’t appear to need the cash urgently. The company reportedly has around $13.1B in cash against just $3.2B of debt. But with $875M of debt coming due next month and a planned $5B investment in Anthropic, AMD is clearly building liquidity ahead of major commitments. And AMD isn’t alone. NVIDIA raised $25B in June, while Google issued another $25B in early August. Big tech is increasingly tapping the bond market to secure capital for AI infrastructure and expansion. AMD’s choice to issue debt rather than shares also avoids immediate shareholder dilution — effectively using leverage to fund its AI ambitions and compete for more market share. The AI arms race isn’t slowing down. 💰🤖 #OpenAIAnthropicRace #WeakConsumptionFedSplit #NvidiaAICapitalChain