AMD Just Borrowed $4.75 Billion, More Than Triple Its Last Bond Sale

AMD completed its largest bond offering in history, raising $4.75 billion across four tranches maturing between 2029 and 2036. Despite holding $13.1 billion in cash and generating strong operating cash flow, the company is securing long-term funding at favorable rates (~5%) to support its AI infrastructure buildout and capacity expansion. The debt issuance is financially conservative given AMD's strong revenue growth (50% YoY in Q2) and booming data center segment, though the stock's valuation at 130x earnings already prices in years of continued growth.