ADVANCED MICRO DEVICES INC files 424B5: prospectus (424B)
The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
File No. 333-298288 SUBJECT TO COMPLETION, DATED AUGUST 13, 2026
PRELIMINARY PROSPECTUS SUPPLEMENT (To prospectus dated
We are offering $ aggregate principal amount of our % Senior Notes due 20 (the “20 notes”), $ aggregate principal amount of our % Senior Notes due 20 (the “20 notes”), $ aggregate principal amount of our % Senior Notes due 20 (the “20 notes”) and $ aggregate principal amount of our % Senior Notes due 20 (the “20 notes” and, together with the 20 notes, the 20 notes and the 20 notes, the “notes”).
The 20 notes will bear interest at the rate of % per year and mature on , 20 . Interest on the 20 notes will accrue from , 2026 and will be payable semi-annually in arrears on and of each year, beginning on, 2027.
The 20 notes will bear interest at the rate of % per year and mature on , 20 . Interest on the
20 notes will accrue from , 2026 and will be payable semi-annually in arrears on and of each year, beginning on, 2027.
The notes will be our unsecured senior obligations and will be equal in right of payment with all of our other existing and future unsecured senior indebtedness. We may redeem the notes in whole or in part at any time prior to their maturity at the redemption prices described in this prospectus supplement.
The notes will not be guaranteed by any of our subsidiaries. The obligations to make payments of principal and interest on the notes are solely our obligations.
Therefore, the notes will be structurally subordinated to all indebtedness and other obligations of our subsidiaries.
The 20 notes, the 20 notes, the 20 notes and the 20 notes are each a new issue of securities with no established trading market. We do not intend to apply for the listing or trading of the notes of either series on any securities exchange or trading facility or for inclusion of the notes of either series in any automated quotation system.
Investing in the notes involves risks. See the “ Risk Factors ” section beginning on page S-12 of this prospectus supplement.
(1) Plus accrued interest from , 2026, if settlement occurs after that date.
(2) See “Underwriting” for additional information regarding underwriting compensation.
Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these
The underwriters expect to deliver the notes in book-entry form through the facilities of The Depository Trust Company for the accounts of its participants, including Clearstream Banking S.A. and Euroclear Bank SA/NV, as operator of the Euroclear System, against payment in New York, New York on or about , 2026.
Joint Book-Running Managers
Barclays BofA Securities Citigroup J.P. Morgan
Morgan Stanley Wells Fargo Securities
Prospectus Supplement dated , 2026
PROSPECTUS SUPPLEMENT Page
About This Prospectus Supplement S-1
Where You Can Find More Information; Incorporation by Reference S-2
Trademarks and Copyrights S-4
Cautionary Note Regarding Forward-Looking Statements S-5
Prospectus Supplement Summary S-7
The Offering S-8 Risk Factors S-12
Use of Proceeds S-17 Capitalization S-18
Description of Notes S-19
Material U.S. Federal Income Tax Consequences S-38
Underwriting S-43 Legal Matters S-48
The summary below describes the principal terms of the notes. Certain of the terms and conditions described below are subject to important limitations and exceptions. The “Description of Debt Securities” section of the accompanying prospectus, as supplemented by the “Description of Notes” section of this prospectus supplement, contains a more detailed description of the terms and conditions of the notes. As used in this section, “we,” “our,” and “us” refer to Advanced Micro Devices, Inc. and not to its consolidated subsidiaries.
Issuer Advanced Micro Devices, Inc.
Notes Offered Hereby $ aggregate principal amount of % Senior Notes due 20 (the “20 notes”).
$ aggregate principal amount of % Senior Notes due 20 (the “20 notes”).
$ aggregate principal amount of % Senior Notes due 20 (the “20 notes” and, together with the 20 notes, the 20 notes and the 20 notes, the “notes”).
The 20 notes, the 20 notes, the 20 notes and the 20 notes will each constitute a separate series of our debt securities under the indenture pursuant to which the notes will be issued.
Interest Payment Dates 20 notes: and of each year, beginning , 2027.
Ranking The notes will be:
• equal in right of payment with all our existing and future senior unsecured indebtedness, including our existing senior notes and any future borrowings under the Revolving Credit Agreement;
• senior in right of payment to our future indebtedness, if any, that are by their terms expressly subordinated or junior in right of payment to the notes;
• structurally subordinated in right of payment to all of our subsidiaries’ existing and future indebtedness and other obligations (including trade payables); and
• effectively subordinated to our future secured indebtedness, if any, to the extent of the value of the assets securing such indebtedness.
As of June 27, 2026, on an as adjusted basis after giving effect to this offering:
• we would have had approximately $ of consolidated indebtedness and approximately $ of consolidated other liabilities outstanding (excluding intercompany liabilities and liabilities of a type not required to be recorded on a balance sheet in accordance with GAAP), including indebtedness under the notes and our existing senior notes, none of which was guaranteed by any of our subsidiaries and none of which was secured by liens on our assets;
• we would have been able to borrow up to $5.0 billion (less outstanding letters of credit) under the Revolving Credit Agreement; and
• our subsidiaries, none of which are guarantors of the notes, would have had approximately $750 million of indebtedness and approximately $11.9 billion of other liabilities outstanding (excluding intercompany liabilities and liabilities of a type not required to be recorded on a balance sheet in accordance with GAAP), all of which would be structurally senior to the notes.
Change of Control Triggering Event In the event of a change of control triggering event with respect to a series of notes, as defined in this prospectus supplement, each holder of notes of such series may require us to purchase for cash all or a portion of such holder’s notes of such series at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to, but excluding, the date of purchase. See “Description of Notes—Purchase of Notes Upon a Change of Control Triggering Event.”