Advanced Micro Devices completed a $4.75 billion four-part U.S. dollar bond sale, the largest dollar debt financing in its history, as strong investor demand allowed pricing to tighten during the sale process. The senior unsecured notes mature in 2029, 2031, 2033 and 2036, and the 10-year tranche priced at 90 basis points over U.S. Treasuries, about 25 basis points tighter than initial guidance. AMD said proceeds will be used for general corporate purposes and may include debt repayment. With about $13.1 billion in cash and short-term investments as of June 27 and investment-grade ratings, the financing appears aimed at preserving capital flexibility as AMD expands AI and data center spending rather than meeting near-term liquidity needs. The deal also fits into a wider borrowing wave linked to artificial intelligence investment: Alphabet and Amazon have raised tens of billions of dollars across markets including Canada, the UK and Switzerland, a supply surge that has pushed up spreads in some local corporate debt markets.