That's the bet-swap. They have both have a contractual obligation to exchange investments in each other. It's a suicide pact OR it's a bromance glow-up, depending on your point of view. AMD is giving them chips on the (accurate so far) bet that buying chips will inflate AMD's stock value.

Again, this is not a thing a rational person would do because it's both not sustainable and not realistic unless you expect the value of everything to got up for 10+ years. It's a recursive bet on a bet on a bet. It's like buying T-bills.

[–] ranzispa@mander.xyz 3 points 1 week ago

I see, then it's mainly AMD taking the risk. If stock prices go down OpenAI won't be able to pay them back and they will have spent the money to produce the chips. This seems like a big bet for AMD, 74 billions is not a small sum.