Advanced Micro Devices Inc. is planning to raise as much $5 billion in what would be the chipmaker's biggest-ever US dollar investment-grade bond sale, adding to a wave of debt tied to the artificial intelligence boom. 

  No final decision has been made on the offering's size, which could change based on demand, according to people familiar with the matter.

  AMD is selling notes in four tranches, with maturities ranging three to 10 years, according to a separate person familiar with the matter. Initial price talk on the longest tenor is a yield premium of 1.15 percentage points over Treasuries, the person added, asking not to be identified as they're not authorized to speak publicly.

  The debt offering comes as AMD ramps up spending to meet surging demand for computing capacity driven by the AI boom. The firm recently unveiled agreements with Anthropic PBC and Microsoft Corp. that will broaden the use of its AI chips. 

  The company has committed to invest as much as $5 billion in Anthropic as part of the agreement with the Claude chatbot maker.

AMD plans to use the bond sale proceeds to fund general corporate purposes, which may include the repayment of debt, the company said in a filing. AMD has $875 million of bonds that mature next month.  

  The chipmaker sold $1.5 billion of high-grade bonds in two parts in March 2025.

  Barclays Plc., Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. are managing the current bond sale. 

  JPMorgan and Citi declined to comment. AMD and the remaining banks didn't immediately respond to requests for comment.