Inside AMD and Anthropic’s ‘chips for shares’ deal

Concerning details about Anthropic’s relationship with AMD came to light after the Wall Street Journal ( WSJ ) reported that hyperscalers are capping Anthropic’s AI compute capacity. Creatively, one of the ways the Claude maker has worked around these limitations is to commit to acquire billions of dollars worth of AMD’s AI computational services while AMD commits to buy billions in Anthropic stock. Circularly, Anthropic’s IPO prospectus, seeking a generous valuation, shows AMD pledging up to $5 billion for purchases of Anthropic’s stock in the same filing as Anthropic commits to acquire AI compute services from AMD in excess of $20 billion. Needless to say, contractors usually render services for payment, not reinvest that money back into their client’s equity.

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