As of Q4'25, AMD's cash and short-term investments reached $10.55B, marking a substantial increase from the previous quarter, while debt stood at $3.85B, reflecting a modest decline. This results in a strong net cash position of approximately $6.7B, providing significant liquidity headroom for the company. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited volatility, starting at $5.94B, dipping to a low of $4.54B in Q3'24, and then surging to the current peak, driven by notable growth in the latter half of 2025. In contrast, debt remained relatively stable around $2.2B-$3B through 2024 before rising sharply to $4.73B in Q1'25 and gradually easing thereafter, highlighting improved debt management amid fluctuating cash reserves. Overall, the trend underscores AMD's strengthening balance sheet, with cash consistently outpacing debt and supporting potential investments in growth initiatives.