The surge in AI computing power demand has driven capital investment. AMD (AMD.US) has completed its largest dollar bond issuance in history, raising $4.75 billion.

Advanced Micro Devices, Inc. (AMD.US) has completed the largest dollar bond issuance in the company's history, raising a total of $4.75 billion. As the artificial intelligence (AI) craze drives rapid growth in global computing power demand, AMD is continuously expanding its related investments, and this bond issuance represents the latest case of tech companies engaging in large-scale financing around AI infrastructure. According to insiders, AMD issued four tranches of investment-grade bonds with maturities ranging from 3 to 10 years. The longest-duration bond was priced 90 basis points higher than U.S. Treasury yields, narrowing about 25 basis points from the initial pricing guidance, indicating strong demand from investors for this bond. This financing from AMD comes at a time when the company is accelerating its investment in AI-related initiatives. In recent years, generative AI has developed rapidly, leading to a continued surge in demand from large tech companies for data center computing power. AMD is actively expanding the market coverage of its AI chips and is seeking to further challenge NVIDIA Corporation (NVDA.US) for leadership in the AI accelerator market. Recently, AMD has reached agreements with Anthropic and Microsoft Corporation (MSFT.US) to expand the application scale of its chips. According to analyst predictions compiled by Bloomberg, driven by factors such as AI demand, AMD's revenue is expected to grow by 47% this year, surpassing $51 billion. Particularly noteworthy is AMD's collaboration with Claude chat developer Anthropic, which has garnered significant attention. As part of the agreement, AMD has committed to invest up to $5 billion in Anthropic, further deepening their partnership in the fields of AI chips and computing power infrastructure. According to documents submitted by AMD, the proceeds from this bond issuance will be used for general corporate purposes, which may include repaying existing debt. AMD currently has $875 million in bonds maturing next month, meaning this financing also provides the company with greater flexibility in its funding arrangements. Despite its significant entry into the bond market, AMD's overall balance sheet remains relatively robust. As of June 27, the company's debt stands at approximately $3.2 billion, while cash and short-term investments total $13.1 billion. An AMD spokesperson stated that the company remains committed to maintaining a strong financial position but did not provide further details on the specific funding arrangements for this financing. J.P. Morgan, Citigroup Inc., and Bank of America Corp. participated in this bond offering, while Barclays, Morgan Stanley, and Wells Fargo & Company were also involved. Notably, AMD's previous entry into the investment-grade bond market occurred in March 2025, when it raised $1.5 billion. This $4.75 billion issuance surpasses that previous amount, becoming AMD's largest dollar bond financing to date. So far this year, the AI investment boom has been driving an ongoing increase in financing demand among U.S. tech companies. As capital expenditures for chips, data centers, electricity, and other AI infrastructure continue to expand, issuers, including large tech companies and semiconductor firms, are increasingly turning to the bond market for funding. AMD's record bond issuance further demonstrates that, amid sustained robust demand for AI computing power, related companies are securing funding through external financing to support a new wave of capital investment.