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AMD Raises $4.75B — AI CapEx Race Is Getting Bigger AMD just completed its largest-ever USD bond issuance, raising $4.75B to fund AI infrastructure expansion and capital expenditures. The bigger story isn’t just AMD. Nvidia is building financing platforms, Intel is raising capital through equity, while AMD is using debt. Different strategies, same objective: secure more capital for the AI infrastructure race. That matters because AI competition is no longer only about chips, orders, and computing power. It’s increasingly about who can finance the next wave of CapEx. For BTC, the direct impact is limited. But the broader signal is interesting: AI investment is still accelerating → capital requirements are rising → credit expansion continues. As long as AI revenues can outgrow financing costs, this debt can fuel further expansion. If demand slows, however, the same leverage becomes a valuation risk. The AI spending race isn’t cooling yet. And BTC’s role as a scarce, non-sovereign asset becomes more interesting as the global credit cycle keeps expanding. $AMD $BTC $ETH $SNDK