1/ OpenAI warrants and target price
OpenAI’s AMD warrant (max 160 million AMD shares) agreement says the first tranche follows delivery of the first 1 GW and full vesting requires purchases reaching 6 GW. AMD also disclosed that the stock-price targets rise to $600 for the final tranche.
AMD last year talked about $20 non-gaap EPS within the next three to five years. And now it says it will be significantly above $20.
Using the Nov 2025 stated goal of $20, OpenAI’s last tranche of $600 is 30x, and given it maybe $30 non-gaap eps, it’s just 20x.
2/ Lisa Su doesn’t own much?
Lisa Su currently owns approximately 3.61 million AMD shares outright, equal to about 0.22% of AMD.
AMD’s March 2026 proxy disclosed that Su also held 413,529 options exercisable within 60 days. Adding those to her currently reported actual shares gives approximately 4 milion beneficially owned shares or approximately 0.247% of AMD.
However, she came as CEO. She is not the founder.