# AMD与OpenAI及Meta的认股权证交易分析

- 来源：SemiAnalysis (@SemiAnalysis_)
- 发布时间：2026-07-28 05:00
- AIHOT 分数：58
- AIHOT 链接：https://aihot.virxact.com/items/cms3qmwxd01azro82m25yhwes
- 原文链接：https://x.com/SemiAnalysis_/status/2081847226364506233

## AI 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)🧵

## 正文

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）🧵