Advanced Micro Devices (AMD)
MI300X GPUs + EPYC server CPUs. #2 in AI accelerators.
- Ticker: AMD
- Sector: semiconductor (gpu cpu)
Advanced Micro Devices (AMD) is a tracked supply-chain name in the data-center buildout in the semiconductor sector. Data Center Index tracks Advanced Micro Devices's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Advanced Micro Devices data center thesis
AMD is the only credible #2 GPU vendor: MI300X is shipping, MI400 is the next-12-month catalyst, and EPYC remains the default x86 CPU under every NVIDIA accelerator. FY25 revenue hit $34.6B with backlog up 256% YoY in Q1 FY26 to $260M, signaling the AI accelerator line is finally converting design wins into bookings worth modeling.
Bull case
- Backlog inflected hard: Q1 FY26 at $260M is up 257% YoY, the first quarter where AMD AI accelerator demand looks like a real ramp rather than a single OpenAI/Meta token allocation.
- EPYC sells underneath every NVIDIA box, so AMD is paid twice on the AI capex cycle: GPU upside on MI300/400 plus host-CPU socket share that has gained every quarter since Genoa launch.
- Hyperscalers want a credible second source on principle: Microsoft, Meta, and Oracle have all publicly committed MI-class capacity, which is exactly the diversification capex tailwind a $34B revenue base needs to compound.
Bear case
- NVLink + CUDA + InfiniBand lock-in means AMD wins individual sockets but rarely wins the full rack, capping share inside the highest-value training clusters where margins live.
- Execution risk on MI400: ROCm software stack still trails CUDA, and a single 6-month slip on MI400 hands NVIDIA another full upgrade cycle of monopoly pricing.
- After 343% in 12 months, AMD now trades on perfect MI400 ramp execution; any ASP guide-down or hyperscaler order push-out compresses the multiple from forward-cycle peak earnings, not through-cycle.
Advanced Micro Devices revenue and capex
In fiscal 2025, Advanced Micro Devices reported revenue of $34.6B, capital spending of $974.0M and operating income of $3.7B.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $34.6B | $974.0M | $3.7B |
| 2024 | $25.8B | $636.0M | $1.9B |
| 2023 | $22.7B | $546.0M | $401.0M |
Tracked Advanced Micro Devices data center projects
- Humain AI Data Centers (Saudi Arabia), 200 MW est., Riyadh, Saudi Arabia · under construction
- El Capitan Supercomputer, Lawrence Livermore National Laboratory, 30 MW est., Livermore, CA · operational
- Frontier Supercomputer, Oak Ridge National Laboratory, 25 MW est., Oak Ridge, TN · operational
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