AMD's warrant deals with OpenAI and Meta usually get described as equity sweeteners. Run the math， and these look more like a rebate that matches the price of the compute itself， with up to a 105% discount for OpenAI. （1/3）🧵
SemiAnalysis@SemiAnalysis_ · XAI 摘要
AMD与OpenAI和Meta的认股权证交易通常被描述为股权甜头。算一算，这更像是一种与计算本身价格相匹配的回扣，对OpenAI的折扣高达105%。(1/3)🧵
AMD's warrant deals with OpenAI and Meta usually get described as equity sweeteners. Run the math， and these look more like a rebate that matches the price of the compute itself， with up to a 105% discount for OpenAI. （1/3）🧵