AMD ($AMD) $48.8 billion purchase commitments... 4 times higher than at the end of last year

AMD’s unconditional purchase commitments rose to $48.8 billion as of September 26, roughly four times the $12.166 billion reported for the end of 2025, according to its quarterly 10-Q filing. Of the total, $11.218 billion is due in the remainder of fiscal 2026 and $22.206 billion in fiscal 2027, putting about $33.4 billion of payments in that window. The jump signals a sharp expansion of forward supply and capacity obligations, which matters for how much cash AMD must deploy and how much future demand it has effectively locked in. Investors should watch whether those commitments convert into revenue on schedule and whether they pressure margins or inventory if demand slows.