
	Three Months Ended
		March 28, 2026	March 29, 2025
		(In millions)
Balance, beginning of period		1,630	1,622
Common stock issued under employee equity plans		2	1
Common stock repurchases for tax withholding on equity awards		(1)	—
Repurchases of common stock		(1)	(7)
Balance, end of period		1,630	1,616

The Company has a stock repurchase program (Repurchase Program) with total repurchase authority of $14 billion. During the three months ended March 28, 2026, the Company repurchased 1.1 million shares of its common stock under the Repurchase Program for $221 million. The repurchased amounts do not include the 1% excise tax on stock repurchases enacted by the Inflation Reduction Act of 2022. As of March 28, 2026, $9.2 billion remained available for future stock repurchases under the Repurchase Program. The Repurchase Program does not obligate the Company to acquire any common stock, has no termination date and may be suspended or discontinued at any time.

In October 2025 and February 2026, the Company issued warrants to OpenAI OpCo, LLC (OpenAI) and Meta Platforms, Inc. (Meta) (the OpenAI Warrant and the Meta Warrant, respectively). Each warrant provides the holder the right to purchase up to an aggregate of 160 million shares of the Company’s common stock at an exercise price of $0.01 per share. The warrants vest in tranches based on AMD Instinct GPU purchase milestones achieved by OpenAI, Meta, their affiliates, or indirectly through authorized third parties, and achievement of specified Company stock price targets. The vesting of the OpenAI Warrant also includes the achievement of stock‑performance thresholds. Each vested tranche is further subject to the fulfillment of certain other technical and commercial conditions prior to exercisability. Subject to the terms of the warrants, the OpenAI Warrant is exercisable through October 5, 2030 and the Meta Warrant is exercisable through February 23, 2031. As of March 28, 2026, and as of December 27, 2025 with respect to the OpenAI Warrant only, none of the warrant shares had vested or become exercisable. Accordingly, the warrants did not have an impact on the Company’s financial statements for the periods ended March 28, 2026 and, with respect to the OpenAI Warrant only, December 27, 2025. The Company will account for the warrants as a liability until certain conditions for equity classification are satisfied.