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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Joshua Buchalter | TD Cowen | 13 (0%) |
| Vivek Arya | Bank of America | 12 (8%) |
| Aaron Rakers | Wells Fargo | 12 (0%) |
| Tim Arcuri | UBS | 11 (9%) |
| Stacy Rasgon | Bernstein | 11 (45%) |
| CJ Muse | Cantor Fitzgerald | 11 (9%) |
| Ross Seymore | Deutsche Bank | 10 (10%) |
| Tom O'Malley | Barclays | 9 (11%) |
| Joe Moore | Morgan Stanley | 7 (0%) |
| Ben Reitzes | Melius Research | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 1 | 13 (0%) |
| Bank of America | 1 | 12 (8%) |
| Wells Fargo | 1 | 12 (0%) |
| Cantor Fitzgerald | 1 |
| 11 (9%) |
| UBS | 1 | 11 (9%) |
| Bernstein | 1 | 11 (45%) |
| Deutsche Bank | 1 | 10 (10%) |
| Barclays | 1 | 9 (11%) |
AMD grew revenue 38% year-over-year to $10.3 billion with EPS of $1.37 up 43% as data center AI demand inflected higher driven by agentic AI use cases and strategic partnerships across hyperscalers. EPYC server CPU market share accelerated as the Turin architecture gained traction, while server CPU TAM expanded driven by AI inference workloads requiring more CPU compute alongside GPUs. Management guided Q2 to $11.2 billion reflecting continued acceleration.
Cloud & AI | Revenue Growth | Demand | Competitive Dynamics | Innovation & R&D | Product Launch | Guidance Reliability | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 9 | 3 | 3 | 1 | 1 | 6 | 1 |
| 2025Q1 | 5 | 7 | 7 | 4 | 3 | 1 | 2 | 1 |
| 2025Q2 | 7 | 5 | 2 | 1 | 2 | 2 | 2 | 2 |
| 2025Q3 | 8 | 5 | 2 | 6 | 3 | 3 | 1 | 1 |
| 2025Q4 | 4 | 3 | 3 | 2 | 1 | 4 | 1 | 3 |
| 2026Q1 | 11 | 4 | 6 | 6 | 3 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 4 | 5 | 7 | 8 | 4 | 11 |
| Revenue Growth | 9 | 7 | 5 | 5 | 3 | 4 |
| Demand | 3 | 7 | 2 | 2 | 3 | 6 |
| Competitive Dynamics | 3 | 4 | 1 | 6 | 2 | 6 |
| Innovation & R&D | 1 | 3 | 2 | 3 | 1 | 3 |
| Product Launch | 1 | 1 | 2 | 3 | 4 | 2 |
| Guidance Reliability | 6 | 2 | 2 | 1 | 1 | |
| Margin | 1 | 1 | 2 | 1 | 3 | 3 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $7.66B | +24.2% | $0.30 | -26.8% | 50.7% | 11.4% | 6.3% | $1.09B |
| FY2025 Q1 | $7.44B | +35.9% | $0.44 | +486.7% | 50.2% | 10.8% | 9.5% | $727M |
| FY2025 Q2 | $7.68B | +31.7% | $0.54 | +237.5% | 39.8% | -1.7% | 11.3% | $1.73B |
| FY2025 Q3 | $9.25B | +35.6% | $0.76 | +61.7% | 51.7% | 13.7% | 13.4% | $1.90B |
| FY2025 Q4 | $10.27B | +34.1% | $0.92 | +206.7% | 54.3% | 17.1% | 14.7% | $2.38B |
| FY2026 Q1 | $10.25B | +37.8% | $0.84 | +90.9% | 52.8% | 14.4% | 13.5% | $2.57B |
| FY2026 Q2 | $11.54B | +50.1% | $1.38 | +155.6% | 53.8% | 17.3% | 19.9% | $1.56B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What AMD and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“yesterday when AMD spoke about the CPU market [indiscernible] TAM of $120 billion, slightly more than the $100 billion that you had given before. But then they also suggested that they expect to maintain 50% share.”
An analyst cites AMD's $120B CPU TAM and its expectation to hold 50% share, framing the x86-vs-Arm data-center CPU competitive dynamic.
“We continually offer the latest in accelerators, from the most recent NVIDIA and AMD options to emerging designs from companies like Cerebras and PowerCharm.”
AMD is one of the accelerator suppliers Oracle offers in its AI infrastructure, alongside NVIDIA and emerging designs.
“We also continue to modernize our fleet with our first-party innovation alongside the latest from NVIDIA and AMD.”
Microsoft names AMD alongside NVIDIA as a source of the latest accelerator silicon for its data-center fleet, a positive demand read-through for AMD.
“We continue to build on strong momentum of our AMD MI350 platform as we prepare for the next generation of AMD Helios solutions, featuring EPYC Venice and MI400 series of products.”
Super Micro reports strong momentum on AMD's MI350 platform and is preparing next-gen AMD Helios systems with EPYC Venice and MI400, a positive demand read for AMD accelerators.
“In Q2, we announced plans to form a joint venture with AMD and HUMAIN to deliver up to 1 gigawatt of AI infrastructure by 2030.”
Cisco is forming a JV with AMD (and HUMAIN) to build up to 1GW of AI infrastructure, a read-through that AMD is expanding its data-center/AI compute partnerships.
“the fast-growing new category of personal AI workstation, such as NVIDIA DGX Spark and AMD Ryzen AI Halo, come in 128GB configurations”
AMD's Ryzen AI Halo personal AI workstations ship with 128GB memory configurations, a driver of higher memory content per device.
“Both Amazon as well as AMD have said that their respective ASIC and GPU will launch sometime in 2027, and we'll certainly be prepared to intercept that launch with our UALink switch.”
AMD's next GPU will support UALink and launch in 2027, an accelerator platform Astera Labs plans to attach its UALink switch to.
“One highlight among many this quarter was receiving World Economic Forum honors for our work with AMD to advance AI accelerated chip design.”
Synopsys highlights collaborative work with AMD on AI-accelerated chip design, recognized by the World Economic Forum.
“So we're going to have Coral Rapid, have the multithreading that we can compete effectively with AMD.”
Intel frames AMD as its principal x86 server-CPU competitor and expects Coral Rapids multithreading to close the gap.
“significant amount of AMD chips to complement the new NVIDIA systems that we're rolling out as well”
Meta is deploying a significant amount of AMD chips as part of its AI infrastructure buildout, a positive demand signal for AMD's data-center GPU business.
“First, AMD officially exercised a 25-megawatt expansion option, bringing their total contracted footprint at our Rockdale facility to 50 megawatts and validating our ability to execute at institutional scale.”
AMD doubled its contracted data center capacity at Riot's Rockdale facility to 50MW and holds options up to 200MW, signaling strong AMD AI/HPC infrastructure demand and its use of Riot as a build-to-suit landlord.
“the ability to connect AMD MI series XPUs”
Arista won a Neo Cloud AI network built to connect AMD MI-series accelerators, a positive read-through for AMD Instinct GPU deployment in AI clusters.
“Commercial was a key highlight in the quarter with sell-through of Ryzen Pro PCs increasing more than 50% year-over-year as Dell, HP and Lenovo broadened their AMD offerings.”
Lenovo broadened its AMD-based commercial PC offerings, contributing to over 50% year-over-year Ryzen Pro sell-through growth.
“Commercial was a key highlight in the quarter with sell-through of Ryzen Pro PCs increasing more than 50% year-over-year as Dell, HP and Lenovo broadened their AMD offerings.”
HP broadened its AMD-based commercial PC offerings, contributing to over 50% year-over-year Ryzen Pro sell-through growth.
“Commercial was a key highlight in the quarter with sell-through of Ryzen Pro PCs increasing more than 50% year-over-year as Dell, HP and Lenovo broadened their AMD offerings.”
Dell broadened its AMD-based commercial PC offerings, contributing to over 50% year-over-year Ryzen Pro sell-through growth.
“Together with our previously announced OpenAI partnership, these engagements position AMD as a core partner to the world's largest AI infrastructure builders with deep co-engineering relationships and multiyear visibility into large-scale deployments.”
AMD cites its OpenAI partnership alongside Meta as anchoring it as a core supplier to the largest AI infrastructure builders.
“A key example is our expanded strategic partnership with Meta to deploy up to 6 gigawatts of AMD Instinct GPUs spanning several product generations.”
Meta expanded its strategic partnership with AMD to deploy up to 6 gigawatts of Instinct GPUs across several generations, a major multi-year data-center AI commitment.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
AMD Advanced Micro Devices, Inc. | 9 | +37.9% | |
| ADI Analog Devices | 9 | +30.4% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +93.4% | |
| AMAT Applied Materials | 5 | -2.1% | |
| ARM Arm Holdings | 7 | +20.1% | |
| ASML ASML Holding | 9 | +13.3% | |
| AVGO Broadcom Inc. | 9 | +29.5% | |
| INTC Intel Corporation | 6 | +7.2% | |
| KLAC KLA Corporation | 7 | +11.5% | |
| LRCX Lam Research | 9 | +23.8% | |
| MCHP Microchip Technology | 9 | +35.1% | |
| MPWR Monolithic Power Systems | 10 | +26.1% | |
| MRVL Marvell Technology | 10 | +22.1% | |
| MU Micron Technology, Inc. | 9 | +196.3% | |
| NVDA NVIDIA Corporation | 10 | +73.2% | |
| NXPI NXP Semiconductors | 7 | +12.2% | |
| ON ON Semiconductor | 6 | +4.7% | |
| Q Qnity Electronics, Inc. | 10 | +17.6% | |
| QCOM Qualcomm | 3 | -3.5% | |
| SWKS Skyworks Solutions | 3 | -1.0% | |
| TER Teradyne | 9 | +87.0% | |
| TXN Texas Instruments | 9 | +18.6% |