Advanced Micro Devices Inc.
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+ FollowMarket Cap$797.2B
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Earnings Call Q2 2026
August 4, 2026 - AI Summary
Big performance + mix shift to data center (what’s good/surprising)
- Q2 revenue $11.5B, +50% YoY and +13% sequentially; 6th straight quarter >30% YoY growth.
- Data center revenue $6.7B: +107% YoY, +16% sequentially; now 58% of total revenue (vs 42% a year ago).
- Profitability strengthened: gross margin 56% (+200 bps YoY, +80 bps sequential); operating income $3.1B with 27% operating margin.
Data center AI momentum (opportunity)
- Data center AI revenue more than doubled YoY, driven by Instinct accelerators; MI355x adoption broadening and MI350 availability expanding at cloud providers.
- Helios (rack-scale AI platform) delivering strong early demand: management cited up to 15% more throughput and up to 30% more tokens per dollar vs competition.
- Partnerships: Anthropic targeting up to 2 GW of MI450 series in Helios (first 1 GW in 1H 2027), plus Microsoft deploying Helios at scale on Azure for frontier model inferencing.
- Helios production ramp: initial shipments tracked to begin later in Q3, ramping through Q4 and 2027; customer pull “ahead” of initial forecast (not just demand, but stronger-than-expected volume visibility).
Server CPU demand + upgrade to 2H/2027 growth outlook (forecast)
- Server CPU momentum: “fifth consecutive quarter of record server CPU revenue”; cloud and enterprise each +70%+ YoY.
- EPYC share gains cited as customers expand Turin (5th-gen) and Genoa (4th-gen).
- Major forecast upgrade/expectations for server:
- Server revenue expected >+80% YoY in 2H 2026
- and >+70% YoY for full-year 2027 (from a higher base).
- AMD now expects data center segment revenue to more than double YoY in 2027.
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$47.38
90.3% downside
Current Fair Value
90.3% downsideOvervalued by 90.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $797.20 Billion |
|---|---|
| Enterprise Value | $796.39 Billion |
| Earnings per Share | $2.67 |
| Beta | 2.45 |
| Outstanding Shares | 1,631,000,000 |
Return
| Return on Equity | 9.55% |
|---|---|
| Return on Assets | 7.60% |
| Return on Invested Capital | 10.40% |
Valuation & Multiples
| P/E Ratio | 128.12 |
|---|---|
| PEG | 78.4 |
| Price to Sales | 19.55 |
| Price to Book Ratio | 11.92 |
| Enterprise Value to Revenue | 19.28 |
| Enterprise Value to EBIT | 105.82 |
| Enterprise Value to Net Income | 124 |
| Total Debt to Enterprise | 0.01 |
| Debt to Equity | 0.06 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$1.95
Consensus analyst estimateRevenue Estimate
$13.10 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 2, 2027
EPS Estimate
$2.68
Consensus analyst estimateRevenue Estimate
$16.30 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.43, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4345▼ 81.60% |
|---|---|
| Total Calls | 690,889▼ 99.27% |
| Total Puts | 300,200▼ 99.75% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.49%▼ 69.16% |
|---|---|
| Total Invested | $34.75B▼ 94.92% |
| Investors Holding | 1,819▼ 2408.00% |
About Advanced Micro Devices Inc.
11,400 employees
CEO: Lisa Su
Advanced Micro Devices, Inc. is an American multinational semiconductor company based in Santa Clara, California, that develops computer processors and related technologies for business and consumer markets. While it initially manufactu...