AMD · 10-Q · 2026Q3 · Full report
AI Infrastructure Investment
ADVANCED MICRO DEVICES INC · 2026-11-04 · Importance 64 · Surprise 42 · Contradicted
AMD’s commitments to support broader SI infrastructure development and expand access to its AI technologies include $6.2 billion for cloud compute capacity arrangements, with $1.5 billion expected to be paid in the remainder of fiscal 2026 and fiscal 2027. AMD also has $13.3 billion of future payments under data center leases not yet commenced that it expects to assign or sublease to commercial partners, and guarantees with a maximum potential future payment of $8.5 billion. These commitments are contingent in part on third-party customer payments and partner performance: the cloud-capacity commitments decline as customers pay, and guarantees require payment only if a commercial partner defaults. As of September 26, 2026, no commercial partner was in default and no guarantee payments had been made.
Key facts
- AMD had $6.2 billion of commitments for cloud compute capacity arrangements intended to support broader SI infrastructure development and access to its technologies; $1.5 billion was expected to be paid in the remainder of fiscal 2026 and fiscal 2027. source
- AMD expects to receive $0.9 billion through 2036 under noncancellable subleases of certain data center leases to commercial partners. source
- Future payments under data center leases not yet commenced that AMD expects to assign or sublease to commercial partners were $13.3 billion as of September 26, 2026. source
- Remaining payments under leases recognized on AMD’s balance sheet, including data center leases related to SI infrastructure development, were $2.7 billion. source
- Under cloud compute capacity arrangements, AMD has committed and expects to continue committing to purchase GPU compute capacity from cloud service providers if it is not placed with third-party customers or for reserved capacity it may sell or assign to third parties. source
- AMD’s commitments for cloud compute capacity are maximum amounts that decrease as third-party customers pay for capacity; AMD may purchase capacity not placed by third parties or reserve it for sale or assignment to third parties. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | -11.9% | Future payments under data center leases not yet commenced that AMD expects to assign or sublease to commercial partners were $13.3… |
| cash | negative | committed | -5.6% | AMD had $6.2 billion of commitments for cloud compute capacity arrangements intended to support broader SI infrastructure development and… |
| liability | negative | committed | -2.4% | Remaining payments under leases recognized on AMD’s balance sheet, including data center leases related to SI infrastructure development,… |
| cash | positive | committed | +0.8% | AMD expects to receive $0.9 billion through 2036 under noncancellable subleases of certain data center leases to commercial partners. |