The Chip-Tier Verdict — AMD Hands OpenAI and Meta 320 Million Shares for a Penny Each, Arista Pays in Margin, the Capex Thesis Holds

Vendor financing as equity. ANET takes 35% with 180bps of margin compression to keep two customers. Meta commits 6GW of AMD GPUs. The Issue 03 hyperscaler thesis gets its chip-tier confirmation, with one strategic plot twist.