Amazon Just Paid Qualcomm $4 Billion in Stock Warrants, Not Cash, to Build Its Next AI Chips. That's a Template, Not a One-Off.
Qualcomm and AWS signed a multi-generation deal for custom inference silicon backed by warrants for 25 million Qualcomm shares. The mechanism matters more than the headline number, because it's how hyperscalers are buying their way off Nvidia now.