Completely agreed. I note in a comment below that my only aim is to distinguish between deals that provide new evidence of a bubble and those that do not provide any further evidence towards that conclusion. I think the Oracle and especially the recent NVIDIA deals provide such evidence, while this AMD deal does not.

As @stingraycharles notes above, the AMD stock went up a lot already and this "may finally enable AMD to get a foot in the door in the whole large scale AI market."