olivLaw · US equity research
Advanced Micro Devices, Inc. AMD
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
AMD is a global semiconductor company active in data centers, PCs and gaming, embedded systems and AI infrastructure. In the second quarter of 2026, revenue reached 11.5 billion USD, up 50% from the prior year. The analysis below relies on the annual report, the quarter ended June 2026 and the company's outlook for the third quarter.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Advanced Micro Devices, Inc. (AMD) stock was 483.90 USD (+3.65% on the day), with market capitalisation 790.0 bn USD, P/E 124.5 on diluted EPS of 3.89 USD over the last 12 months, beta 2.43, 52-week range 190.95–649.42 USD. Latest reported quarter (Q2 2026): revenue of 11.5 bn USD (+50.1% YoY), net income of 2.3 bn USD (+163.4% YoY), diluted EPS 1.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.4
- weak (30–45)
- Bollinger (20, 2)
- 462.87 – 644.96
- in the lower half of the band · %B 0.12 · band width 32.9%
- SMA 50 / 200
- 548.70 / 412.94
- mixed trend
- MACD (12, 26, 9)
- -18.08 / -8.59
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.7% | −2.0% | −21.7 pp | — |
| 3 months | −6.7% | −2.2% | −4.5 pp | — |
| 6 months | +36.2% | +4.3% | +31.9 pp | — |
| Year to date | +126.0% | +10.6% | +115.4 pp | — |
| 1 year | +86.4% | +10.5% | +75.9 pp | +54.8% |
| 3 years | +331.1% | +73.7% | +257.4 pp | +181.8% |
| 5 years | +251.9% | +61.7% | +190.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 27 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.8 bn | 7.7 bn | 7.4 bn | 7.7 bn | 9.2 bn | 10.3 bn | 10.3 bn | 11.5 bn |
| Cost of revenue | 3.4 bn | 3.8 bn | 3.7 bn | 4.6 bn | 4.5 bn | 4.7 bn | 4.8 bn | 5.3 bn |
| Gross profit | 3.4 bn | 3.9 bn | 3.7 bn | 3.1 bn | 4.8 bn | 5.6 bn | 5.4 bn | 6.2 bn |
| Research & development | 1.6 bn | 1.7 bn | 1.7 bn | 1.9 bn | 2.1 bn | 2.3 bn | 2.4 bn | 2.5 bn |
| SG&A | 707.0 m | 781.0 m | 886.0 m | 991.0 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn |
| Operating income | 724.0 m | 871.0 m | 806.0 m | -134.0 m | 1.3 bn | 1.8 bn | 1.5 bn | 2.0 bn |
| Interest expense | 23.0 m | 19.0 m | 20.0 m | 38.0 m | 37.0 m | 36.0 m | 37.0 m | 37.0 m |
| Pre-tax income | 737.0 m | 922.0 m | 825.0 m | -74.0 m | 1.3 bn | 2.1 bn | 1.6 bn | 2.6 bn |
| Income tax | -27.0 m | 419.0 m | 123.0 m | -834.0 m | 153.0 m | 455.0 m | 238.0 m | 252.0 m |
| Net income | 771.0 m | 482.0 m | 709.0 m | 872.0 m | 1.2 bn | 1.5 bn | 1.4 bn | 2.3 bn |
| Diluted EPS | 0.47 | 0.29 ≈ | 0.44 | 0.54 | 0.75 | 0.92 ≈ | 0.84 | 1.38 |
| Operating cash flow | 628.0 m ≈ | 1.3 bn | 939.0 m | 2.0 bn ≈ | 2.2 bn ≈ | 2.6 bn | 3.0 bn | 2.4 bn ≈ |
| Capex | 132.0 m ≈ | 208.0 m | 212.0 m | 282.0 m ≈ | 258.0 m ≈ | 222.0 m | 389.0 m | 808.0 m ≈ |
| Share repurchases | 250.0 m ≈ | 256.0 m | 749.0 m | 478.0 m ≈ | 89.0 m ≈ | 0 | 221.0 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 64 percentile of its own 33-quarter history (min 30.6, median 94.5, max 835.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.5 bn | 6.7 bn | 9.8 bn | 16.4 bn | 23.6 bn | 22.7 bn | 25.8 bn | 34.6 bn |
| Revenue YoY | +23.3% | +4.0% | +45.0% | +68.3% | +43.6% | −3.9% | +13.7% | +34.3% |
| Net income | 337.0 m | 341.0 m | 2.5 bn | 3.2 bn | 1.3 bn | 854.0 m | 1.6 bn | 4.3 bn |
| Net income YoY | unavailable | +1.2% | +630.2% | +27.0% | −58.3% | −35.3% | +92.2% | +164.2% |
| Diluted EPS | 0.32 | 0.30 | 2.06 | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 |
| Diluted EPS YoY | unavailable | −6.3% | +586.7% | +24.8% | −67.3% | −36.9% | +88.7% | +165.0% |
| net % | 5.2% | 5.1% | 25.5% | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% |
| Free cash flow | -129.0 m | 276.0 m | 777.0 m | 3.2 bn | 3.1 bn | 1.1 bn | 2.4 bn | 6.7 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Dec 2025
- Cash
- 5.5 bn USD
- Financial debt
- 3.2 bn USD
- Net debt
- -2.3 bn USD
- Equity
- 63.0 bn USD
- Total assets
- 76.9 bn USD
- Debt / equity
- 0.05x
- Current ratio
- 2.85x
- ROE
- 7.2%
- ROA
- 5.9%
- FCF margin
- 19.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 9.8 bn | 16.4 bn | 23.6 bn | 22.7 bn | 25.8 bn | 34.6 bn | SEC (XBRL)· 04 Feb 2026verified |
| Cost of revenue | 5.4 bn | 8.5 bn | 13.0 bn | 12.2 bn | 13.1 bn | 17.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Gross profit | 4.3 bn | 7.9 bn | 10.6 bn | 10.5 bn | 12.7 bn | 17.2 bn | SEC (XBRL)· 04 Feb 2026verified |
| Research & development | 2.0 bn | 2.8 bn | 5.0 bn | 5.9 bn | 6.5 bn | 8.1 bn | SEC (XBRL)· 04 Feb 2026verified |
| SG&A | 995.0 m | 1.4 bn | 2.3 bn | 2.3 bn | 2.7 bn | 4.1 bn | SEC (XBRL)· 04 Feb 2026verified |
| Operating income | 1.4 bn | 3.6 bn | 1.3 bn | 401.0 m | 1.9 bn | 3.7 bn | SEC (XBRL)· 04 Feb 2026verified |
| Interest expense | 47.0 m | 34.0 m | 88.0 m | 106.0 m | 92.0 m | 131.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Pre-tax income | 1.3 bn | 3.7 bn | 1.2 bn | 508.0 m | 2.0 bn | 4.2 bn | SEC (XBRL)· 04 Feb 2026verified |
| Income tax | -1.2 bn | 513.0 m | -122.0 m | -346.0 m | 381.0 m | -103.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Net income | 2.5 bn | 3.2 bn | 1.3 bn | 854.0 m | 1.6 bn | 4.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Diluted EPS | 2.06 | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 | SEC (XBRL)· 04 Feb 2026verified |
| Weighted average diluted shares | 1.2 bn | 1.2 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 04 Feb 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 bn | 2.5 bn | 4.8 bn | 3.9 bn | 3.8 bn | 5.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Receivables | 2.1 bn | 2.7 bn | 4.1 bn | 4.3 bn | 6.2 bn | 6.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Inventories | 1.4 bn | 2.0 bn | 3.8 bn | 4.4 bn | 5.7 bn | 7.9 bn | SEC (XBRL)· 04 Feb 2026verified |
| Current assets | 6.1 bn | 8.6 bn | 15.0 bn | 16.8 bn | 19.0 bn | 26.9 bn | SEC (XBRL)· 04 Feb 2026verified |
| Property, plant & equipment, net | 641.0 m | 702.0 m | 1.5 bn | 1.6 bn | 1.8 bn | 2.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Goodwill | 289.0 m | 289.0 m | 24.2 bn | 24.3 bn | 24.8 bn | 25.1 bn | SEC (XBRL)· 04 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 24.1 bn | 21.4 bn | 18.9 bn | 16.7 bn | SEC (XBRL)· 04 Feb 2026verified |
| Total assets | 9.0 bn | 12.4 bn | 67.6 bn | 67.9 bn | 69.2 bn | 76.9 bn | SEC (XBRL)· 04 Feb 2026verified |
| Accounts payable | 468.0 m | 1.3 bn | 2.5 bn | 2.1 bn | 2.5 bn | 2.9 bn | SEC (XBRL)· 04 Feb 2026verified |
| Short-term debt | 0 | 312.0 m | 0 | 751.0 m | 0 | 874.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Long-term debt | 330.0 m | 1.0 m | 2.5 bn | 1.7 bn | 1.7 bn | 2.3 bn | SEC (XBRL)· 04 Feb 2026verified |
| Current liabilities | 2.4 bn | 4.2 bn | 6.4 bn | 6.7 bn | 7.3 bn | 9.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Equity | 5.8 bn † | 7.5 bn † | 54.8 bn † | 55.9 bn † | 57.6 bn † | 63.0 bn † | SEC (XBRL)· 04 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 3.5 bn | 3.6 bn | 1.7 bn | 3.0 bn | 7.7 bn | SEC (XBRL)· 04 Feb 2026verified |
| Capex | 294.0 m | 301.0 m | 450.0 m | 546.0 m | 636.0 m | 974.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Free cash flow | 777.0 m ≈ | 3.2 bn ≈ | 3.1 bn ≈ | 1.1 bn ≈ | 2.4 bn ≈ | 6.7 bn ≈ | SEC (XBRL)· 04 Feb 2026derived |
| Investing cash flow | -952.0 m | 686.0 m | 2.0 bn | -1.4 bn | -1.1 bn | -5.5 bn | SEC (XBRL)· 04 Feb 2026verified |
| Financing cash flow | 6.0 m | 1.9 bn | -3.3 bn | -1.1 bn | -2.1 bn | -431.0 m | SEC (XBRL)· 04 Feb 2026verified |
| Share repurchases | 0 | 1.8 bn | 3.7 bn | 985.0 m | 862.0 m | 1.3 bn | SEC (XBRL)· 04 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 790.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation9
- Balance sheet100
- Quality42
- Growth57
- Returns34
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 84.95 – 410.25 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)84.95 – 128.97 (Mid 102.13)WACC 9.3% · starting FCFF 8.5 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales231.64 – 410.25 (Mid 371.60)8 companies used · median multiple 14.6x · quartiles 9.1x – 16.2xADI, AMAT, AVGO, INTC, MRVL, MU, NVDA, TXN
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 53.2% | 33 (on a fixed band) | 11% |
| EBIT margin · Quality | 15.7% | 13 (vs peers) | 9% |
| FCF margin · Quality | 20.3% | 81 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 13.6% | 55 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 34.3% | 63 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.6x | 100 (on a fixed band) | 7% |
| EV/Sales · Valuation | 19.1x | 0 (vs peers) | 18% |
| FCF yield · Valuation | 1.1% | 21 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.0% | 34 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth57/100 · 2/2 factors with a value
- Quality42/100 · 3/3 factors with a value
- Returns34/100 · 1/1 factors with a value
- Valuation9/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ADVANCED MICRO DEVICES INC (AMD). Latest full fiscal year: 2025; data up to 2026-06-27.
Figures computed from the financial statements: revenue 34.6 bn USD in 2025; YoY growth 34.3%; net margin 15.6%; ROE 10.1%.
The estimated value range is 158.29–269.61 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 236.86 USD, the price of 483.90 USD leaves a potential of -51.1% (value / price − 1) and a margin of safety of -104.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF margin: 20.3%
- Current ratio: 2.6x
What contradicts it
- EBIT margin: 15.7%
- EV/Sales: 19.1x
- FCF yield: 1.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 8 companies
Only companies with a capitalisation between 103.6 bn and 6,633.5 bn (within 8× of the company's); 88 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NVDANvidia Corp | 4,981.2 bn | 26.1 | 117.2% | 63.7% | +65.5% | +17% / +342% |
| AVGOBroadcom Inc. | 1,585.5 bn | 42.4 | 44.2% | 42.9% | +23.9% | −18% / +259% |
| MUMicron Technology, Inc. | 967.5 bn | 11.5 | 88.3% | 63.8% | +256.3% | +262% / +1,023% |
| AMDAdvanced Micro Devices Inc | 790.0 bn | 124.5 | 10.1% | 15.6% | +34.3% | +86% / +331% |
| INTCIntel Corporation | 321.8 bn | — | -10.9% | -20.1% | −0.5% | +49% / +35% |
| AMATApplied Materials Inc | 303.1 bn | 32.9 | 41.1% | 30.1% | +4.4% | +51% / +155% |
| TXNTexas Instruments Inc | 285.5 bn | 40.5 | 39.7% | 34.3% | +13.0% | +86% / +105% |
| ADIAnalog Devices Inc | 203.4 bn | 49.8 | 12.2% | 29.8% | +16.9% | +58% / +129% |
| MRVLMarvell Technology, Inc | 150.8 bn | 56.8 | 16.5% | 27.9% | +42.1% | +92% / +209% |
1- and 3-year price returns: for AMD from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 316.68 Total return -35% · Per year -35% | 557.62 Total return 15% · Per year 15% | 836.84 Total return 73% · Per year 73% |
| 3 years | 366.43 Total return -24% · Per year -9% | 720.15 Total return 49% · Per year 14% | 1,177.96 Total return 143% · Per year 35% |
| 5 years | 423.99 Total return -12% · Per year -3% | 930.07 Total return 92% · Per year 14% | 1,658.13 Total return 243% · Per year 28% |
- Exit P/E± 180.04
- Net margin± 126.03
- Annual revenue growth± 95.12
- Annual dilution± 10.59
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
AMD is a global semiconductor company active in data centers, PCs and gaming, embedded systems and AI infrastructure. In the second quarter of 2026, revenue reached 11.5 billion USD 3, up 50% from the prior year 3. The analysis below relies on the annual report, the quarter ended June 2026 and the company's outlook for the third quarter.
SWOT
Strengths
- The company holds a strong position in EPYC processors and AI GPUs, supported by data center growth 3. Its broad portfolio of CPUs, GPUs, networking and software gives it flexibility 1.
- Operating cash flow has grown and the company ended the period with solid liquidity 2. Multiyear agreements with large customers point to strong order visibility 3.
- AMD was the first company to integrate a dedicated NPU on the same SoC as an x86 CPU, giving it a technology lead in AI PCs 1.
Weaknesses
- Revenue depends on a small number of large customers, and losing one could affect results 1. The Gaming business declined in the latest quarter due to lower semi-custom revenue 3.
- The Embedded segment declined in 2025 and demand in some end markets remains mixed 1. Reliance on third parties for manufacturing and platform components remains a sensitive point 1.
- Export-control inventory charges weighed on gross margin in 2025 1.
Opportunities
- If Helios and the MI400 series ramp at scale, the company could expand its share in AI infrastructure 3. Partnerships with AI labs and cloud providers open new sales channels 3.
- Adoption of AI PCs could support a new replacement cycle for Ryzen processors 2. Expanding the ROCm software could attract more developers 3.
- AI-enabled embedded markets, including robotics and industrial automation, could become an additional revenue source 3.
Threats
- Competition from Intel and Nvidia, including through their partnership, could reduce prices and margins 1. Customers building their own AI chips may lower demand 1.
- Export restrictions and trade rules could limit access to certain markets 1. Changes in tax policy could affect results 1.
- The industry is cyclical, and a drop in demand or oversupply could quickly affect revenue and inventory 1.
Risks
- Customer concentrationhigh
A small number of large customers account for a significant share of revenue and receivables. Losing one could have a material effect on results 1.
- Export controlshigh
US restrictions on certain GPUs destined for China can limit sales and create inventory charges, as seen in 2025 1.
- Reliance on third-party manufacturingmedium
Production and material supply depend on external suppliers. Delays or lower yields could affect shipments 1.
- Aggressive competitionmedium
Intel and Nvidia use their market positions for pricing and incentives that could reduce AMD's share and margins 1.
- Industry cyclicalitymedium
Swings in demand and prices typical of the semiconductor industry can affect revenue and inventory value 1.
Investment thesis
What would need to be true (bull case)
- Rapid growth in the Data Center segment, supported by Instinct GPUs and EPYC processors, could continue if Helios shipments and large customer agreements materialize 3. A strong third-quarter outlook points to favorable momentum 3.
- Margin improvement linked to a more favorable product mix could support profit growth 3. Strong operating cash flow provides flexibility for investment 2.
- If adoption of AI PCs and developer-focused processors expands, the Client segment could enjoy sustained growth 3.
What would break the thesis
- Dependence on a few large customers and major partners could magnify the effect of any delay or renegotiation 1. If Helios or MI400 shipments slip, the outlook could prove hard to meet 3.
- Export restrictions and aggressive competition from Intel and Nvidia could compress prices and margins 1. The Nvidia and Intel partnership could add further pressure 1.
- The semiconductor industry is cyclical, and a drop in demand for PCs or game consoles could quickly reduce revenue in the Client and Gaming segments 1.
What to watch
- Delivery against the third-quarter 2026 revenue outlookQ3 2026
- Pace of Helios and Instinct MI400 shipments2026
- Trend in non-GAAP gross margin and operating expensesQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
AMD designs CPUs, GPUs, AI accelerators, APUs, FPGAs and networking solutions for data centers, along with CPUs and GPUs for PCs and gaming 1. It reports three segments: Data Center, Client and Gaming, and Embedded 1. In fiscal 2025, net revenue was 34.6 billion USD, up 34% 1, and gross margin was 50% 1.
Segments
Market context
Demand for AI infrastructure and data center compute is the main growth engine, and AMD states that AI is expanding compute demand across its markets 3. The PC and gaming market depends on adoption of AI PCs and replacement cycles, while the embedded market remains sensitive to customer inventory levels 1.
Trends
- AI infrastructure demandtailwind
Hyperscale customers and AI labs are buying AMD GPU and CPU systems, and Helios has entered its ramp phase 3. This could support Data Center growth if data center construction and energy access do not slow 1.
- Adoption of AI PCsmixed
Ryzen AI processors integrate dedicated NPUs, and the range expanded in 2026 2. Their adoption rate is uncertain, and the company acknowledges no assurance can be given about its pace 1.
- Export restrictionsheadwind
US controls on MI308 GPU exports to China led to inventory charges in 2025 1. Granted licenses allow some shipments, but rules may change the sales conditions 1.
- Cyclicality of the semiconductor industryheadwind
The industry has experienced volatile demand, price erosion and inventory adjustments 1. Such a cycle could affect margins and revenue if demand falls sharply 1.
Competitive position
Intel uses its microprocessor position to price aggressively and offer incentives to customers, which can reduce AMD's unit sales and average prices 1. Nvidia holds a strong position in data center GPUs and a proprietary software ecosystem 1, and its partnership with Intel could intensify pricing pressure 1.
Arm-based architectures could increase competition in PCs, data centers and commercial systems 1. Some customers also develop internal products for similar AI workloads, which could reduce demand for AMD products 1.
- IntelINTC
Competitor in server and PC processors, using aggressive pricing and customer incentives 1.
- NvidiaNVDA
Competitor in data center GPUs, with a proprietary software ecosystem and a recent partnership with Intel 1.
- Arm HoldingsARM
Arm-based architectures may expand competition in consumer, commercial and data center markets 1.
- Customers developing in-house chips
Some customers design their own products for AI workloads, which could reduce demand for AMD chips 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Why Gabelli Global Growth Fund Added Advanced Micro Devices (AMD) in Q2Yahoo Finance — News · 22 Sept 2026 · EN
- AMD Stock Alert: Advanced Micro Devices Joins the Trillion-Dollar ClubYahoo Finance — News · 21 Sept 2026 · EN
- Stocks making the biggest moves midday: Advanced Micro Devices, Intel, Paramount, Critical Metals & moreCNBC — Top News · 21 Sept 2026 · EN
- Better Artificial Intelligence Stock: Advanced Micro Devices vs. SK HynixYahoo Finance — News · 20 Sept 2026 · EN
- Advanced Micro Devices vs. Texas Instruments: Which Tech Stock Is a Better Buy in 2026?Yahoo Finance — News · 17 Sept 2026 · EN
- Jim Cramer on Advanced Micro Devices (AMD): “Buy It”Yahoo Finance — News · 17 Sept 2026 · EN
- The Fund’s Largest Relative Detractor: Unowned Advanced Micro Devices (AMD)Yahoo Finance — News · 15 Sept 2026 · EN
- Advanced Micro Devices vs. ASML: Which Tech Stock Is a Better Buy in 2026?Yahoo Finance — News · 14 Sept 2026 · EN
- Advanced Micro Devices, Inc. (AMD)’s Halo Station Could Strengthen Its AI Position, but Near-Term Revenue Impact May Be LimitedYahoo Finance — News · 12 Sept 2026 · EN
- Advanced Micro Devices vs. Qualcomm: Which Technology Stock Is a Better Buy in 2026?Yahoo Finance — News · 11 Sept 2026 · EN
- Advanced Micro Devices vs. Marvell Technology: Which Semiconductor Stock Is a Better Buy in 2026?Yahoo Finance — News · 10 Sept 2026 · EN
- Here Are Thursday’s Top Wall Street Analyst Research Calls: Advanced Micro Devices, Amgen, AngloGold Ashanti, Caterpillar, Chewy, Meta Platforms, Novartis, NVIDIA, SK hynix, and MoreYahoo Finance — News · 10 Sept 2026 · EN
- Could Advanced Micro Devices (AMD)’s Partnership With Cisco Systems (CSCO) Unlock a Massive Middle East AI Opportunity?Yahoo Finance — News · 09 Sept 2026 · EN
- Guidance Upside Drives Advanced Micro Devices (AMD) Higher, Hurting Non OwnersYahoo Finance — News · 09 Sept 2026 · EN
- Advanced Micro Devices Sees AI Boom Fueling MI450, Helios and Server CPU GrowthYahoo Finance — News · 08 Sept 2026 · EN
- AI-Optimized Processors Fuel Advanced Micro Devices (AMD) Stock GrowthYahoo Finance — News · 08 Sept 2026 · EN
- Advanced Micro Devices and Marvell Technology Keep Growing Their Revenue. Here's What Else to Watch.Yahoo Finance — News · 08 Sept 2026 · EN
- Is Advanced Micro Devices Stock Outperforming the Dow?Yahoo Finance — News · 30 Aug 2026 · EN
- Advanced Micro Devices Stock Ran The Roadmap It Had Already PublishedYahoo Finance — News · 28 Aug 2026 · EN
- Advanced Micro Devices (AMD) and Intel (INTC) Both Just Raised Billions for AI. Here’s How Their Strategies DifferYahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report28 Sept 2026Item 3.02
- Current report19 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report17 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Departure or appointment of officers
- Current report15 May 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-27 · SEC / Advanced Micro Devices, Inc. · 04 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Advanced Micro Devices, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Advanced Micro Devices, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.