Advanced Micro Devices Inc. is gearing up to raise as much as $5 billion through what could be its largest investment-grade bond sale ever, adding to a growing wave of debt issuance tied to the artificial intelligence boom.

The final size of the offering has not been decided and could change based on investor demand, according to people familiar with the matter.

AMD is selling notes in a benchmark debt offering split into four parts, with maturities ranging from three to 10 years, according to a separate person familiar with the matter. Initial price talk for the longest maturity suggests a yield premium of 1.15 percentage points over Treasuries, the person added, asking not to be identified as they are not authorized to speak publicly.

The debt sale comes as AMD ramps up spending to meet surging demand for computing capacity driven by the AI boom. The firm recently announced agreements with Anthropic PBC and Microsoft to deploy AMD’s Helios on Azure for AI inference, moves that will broaden the use of its AI chips.

As part of the deal with the Claude chatbot maker, AMD has committed to invest up to $5 billion in Anthropic.

AMD plans to use the bond sale proceeds to fund general corporate expenses, which may include repaying debt, the company said in a filing. AMD has $875 million in bonds maturing next month.

Leading financial institutions managing the bond sale include Barclays Plc., Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley, and Wells Fargo & Co.

JPMorgan and Citi declined to comment. AMD and the remaining banks did not immediately respond to requests for comment.