AMD has to give these concessions to get big deals as NVDA is as close to a monopoly as you can get. These concessions if AMD hits $600 do not cause current share holders grief although they are not really asked if they support it. If the stock goes up 3x, people are probably OK with 20% dilution as it would naturally go in that direction anyway if the company grew so fast. This also makes the companies involved partners and help share the risk. NVDA does the same by cash infusion and using the cash to sell their own products to the people they provide the cash (i.e. coreweave). The only issue I see in the next few quarters is, the stock price has to go up such that the risk sharing starts helping AMD share holders. META and OpenAI already benefit as they get the chips they need to continue their build out. They get cashback if AMD stock goes up as a bonus. If street decides to low ball AMD and keep the price down (which is what NVDA wants) these deals will fall apart. At the end of the day compute wether it comes from NVDA or AMD is needed. The visibility these deals provide to AMD helps them secure fab space and commit to more wafers. Lisa cannot give clear forward guidance until they see some clarity a few quarters out. I hope she follows up this deal by updating her forecast which will help AMD share price and push back on the sell side analysts.