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**BETA FINCH — AMD Q2 2026 EARNINGS BREAKDOWN**

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, joined as always by Jordan, and today we're digging into Advanced Micro Devices — AMD — and their second quarter 2026 results. Jordan, this one's a big one.

JORDAN: It really is. Record revenue, and the guidance for next year is honestly kind of stunning. Let's get into it.

ALEX: Before we do — quick disclaimer. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: Good to have that up front. Okay, let's talk numbers.

ALEX: AMD posted revenue of $11.5 billion for Q2, up 50% year-over-year and 13% sequentially. That's their sixth straight quarter of greater-than-30% growth, which is a pretty remarkable streak.

JORDAN: And the story underneath that number is really about data center. It's now 58% of total revenue, up from 42% a year ago. Data center segment revenue was $6.7 billion, more than doubling year-over-year. Split that in two: server CPUs — that's EPYC — grew over 70% in both cloud and enterprise, fifth consecutive quarter of record server CPU revenue. And Instinct, their AI accelerator line, more than doubled.

ALEX: Profitability kept pace too. Gross margin hit 56%, up over 200 basis points year-over-year. Operating income was $3.1 billion, a 27% operating margin. And non-GAAP diluted EPS grew about 82% year-over-year — meaningfully outpacing revenue growth.

JORDAN: That's the operating leverage story playing out in real time.

ALEX: Client and gaming was more mixed. Client — that's PCs — grew 23% to $3.1 billion on record mobile processor sales and strong commercial Ryzen PRO adoption. But gaming dropped 31% to $779 million, mostly semi-custom console revenue fading late in that console cycle, plus some pricing pressure on graphics cards from component costs.

JORDAN: Embedded was a bright spot too — up 19% to $977 million, their strongest growth in three years, with networking and defense customers leading the way.

ALEX: Now let's talk strategy, because this is where CEO Lisa Su really leaned in. The headline announcement was Helios — their new rack-scale AI platform combining EPYC Venice CPUs, MI450 GPUs, networking, and their ROCm software stack.

JORDAN: And the customer list here is the story. They already had multi-generation, gigawatt-scale commitments with OpenAI and Meta. Now add a brand-new strategic partnership with Anthropic — up to 2 gigawatts of MI450 GPUs, with the first gigawatt deploying in early 2027. There's also a joint engineering piece where Anthropic's Claude models help optimize workloads for AMD's chips.

ALEX: And Microsoft is expanding its footprint too, deploying Helios at scale on Azure for frontier model inferencing.

JORDAN: What stood out to me is how much AMD raised its own long-term targets. They now expect the AI accelerator market to hit roughly $1.4 trillion by 2030, and the server CPU market around $220 billion. Combined, they're calling the total high-performance and AI computing market close to $2 trillion by 2030.

ALEX: And Lisa Su said flatly that AMD is tracking materially ahead of the long-term model they laid out at last November's Analyst Day — revenue growth well above their prior 35% target, and EPS expected to "significantly exceed" their $20 target.

JORDAN: That's a big statement to make less than a year after setting those targets.

ALEX: Let's get into guidance. For Q3, AMD is guiding to about $13 billion in revenue, plus or minus $300 million — that's 41% year-over-year growth at the midpoint. Gross margin guided at approximately 56%.

JORDAN: And looking further out, th

This episode includes AI-generated content.]]>AMD-Q2-2026-enSat, 29 Aug 2026 01:17:28 +0000trueBeta FinchMore earnings analysis: https://betafinch.com Groups: CHIPS (https://betafinch.com/groups/CHIPS), AI_LEADERS (https://betafinch.com/groups/AI_LEADERS) ────────── **BETA FINCH — AMD Q2 2026 EARNINGS BREAKDOWN** ALEX: Welcome to Beta Finch, your...https://betafinch.com
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**BETA FINCH — AMD Q2 2026 EARNINGS BREAKDOWN**

ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, joined as always by Jordan, and today we're digging into Advanced Micro Devices — AMD — and their second quarter 2026 results. Jordan, this one's a big one.

JORDAN: It really is. Record revenue, and the guidance for next year is honestly kind of stunning. Let's get into it.

ALEX: Before we do — quick disclaimer. This podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: Good to have that up front. Okay, let's talk numbers.

ALEX: AMD posted revenue of $11.5 billion for Q2, up 50% year-over-year and 13% sequentially. That's their sixth straight quarter of greater-than-30% growth, which is a pretty remarkable streak.

JORDAN: And the story underneath that number is really about data center. It's now 58% of total revenue, up from 42% a year ago. Data center segment revenue was $6.7 billion, more than doubling year-over-year. Split that in two: server CPUs — that's EPYC — grew over 70% in both cloud and enterprise, fifth consecutive quarter of record server CPU revenue. And Instinct, their AI accelerator line, more than doubled.

ALEX: Profitability kept pace too. Gross margin hit 56%, up over 200 basis points year-over-year. Operating income was $3.1 billion, a 27% operating margin. And non-GAAP diluted EPS grew about 82% year-over-year — meaningfully outpacing revenue growth.

JORDAN: That's the operating leverage story playing out in real time.

ALEX: Client and gaming was more mixed. Client — that's PCs — grew 23% to $3.1 billion on record mobile processor sales and strong commercial Ryzen PRO adoption. But gaming dropped 31% to $779 million, mostly semi-custom console revenue fading late in that console cycle, plus some pricing pressure on graphics cards from component costs.

JORDAN: Embedded was a bright spot too — up 19% to $977 million, their strongest growth in three years, with networking and defense customers leading the way.

ALEX: Now let's talk strategy, because this is where CEO Lisa Su really leaned in. The headline announcement was Helios — their new rack-scale AI platform combining EPYC Venice CPUs, MI450 GPUs, networking, and their ROCm software stack.

JORDAN: And the customer list here is the story. They already had multi-generation, gigawatt-scale commitments with OpenAI and Meta. Now add a brand-new strategic partnership with Anthropic — up to 2 gigawatts of MI450 GPUs, with the first gigawatt deploying in early 2027. There's also a joint engineering piece where Anthropic's Claude models help optimize workloads for AMD's chips.

ALEX: And Microsoft is expanding its footprint too, deploying Helios at scale on Azure for frontier model inferencing.

JORDAN: What stood out to me is how much AMD raised its own long-term targets. They now expect the AI accelerator market to hit roughly $1.4 trillion by 2030, and the server CPU market around $220 billion. Combined, they're calling the total high-performance and AI computing market close to $2 trillion by 2030.

ALEX: And Lisa Su said flatly that AMD is tracking materially ahead of the long-term model they laid out at last November's Analyst Day — revenue growth well above their prior 35% target, and EPS expected to "significantly...]]>479falsefullhttps://www.spreaker.com/episode/advanced-micro-devices-q1-2026-earnings-analysis--71892671https://betafinch.com
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**BETA FINCH PODCAST SCRIPT**

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**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the quarterly reports so you don't have to. I'm Alex, and joining me as always is Jordan. Today we're diving into AMD's absolutely stellar Q1 2026 results that had Wall Street buzzing.

But before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

Jordan, AMD just dropped some seriously impressive numbers. Walk us through the headline figures.

**JORDAN:** Alex, these results were nothing short of spectacular. AMD crushed expectations with $10.3 billion in revenue - that's 38% growth year-over-year. But here's the kicker - they're guiding for $11.2 billion in Q2, which would be 46% year-over-year growth. Their data center business is absolutely on fire, hitting a record $5.8 billion, up 57% from last year.

**ALEX:** And the profitability story is even better, right? I saw some incredible cash flow numbers.

**JORDAN:** Exactly! Free cash flow more than tripled to a record $2.6 billion - that's 25% of revenue. Earnings per share jumped 43% to $1.37. Lisa Su called it "a clear inflection in our growth trajectory and a structural shift in our business." Data center is now their primary growth driver, which is a massive change from just a few years ago.

**ALEX:** Now, the really interesting story here seems to be what AMD is calling the "Agentic AI" revolution. Jordan, they literally doubled their server CPU market size projection in just six months. How does that happen?

**JORDAN:** It's pretty remarkable, Alex. Back in November at their analyst day, they projected the server CPU market would grow at about 18% annually to around $60 billion by 2030. Now they're saying it'll grow at over 35% annually, reaching more than $120 billion by 2030.

Lisa Su explained it perfectly - as AI adoption scales and you get more inference workloads and AI agents, you need dramatically more CPU compute for orchestration, data processing, and managing these AI workloads. It's not just about the GPUs anymore.

**ALEX:** And AMD is positioned perfectly for this, aren't they? They're seeing massive growth in both their server CPUs and their AI accelerators.

**JORDAN:** Absolutely. Their EPYC server CPU business grew over 50% year-over-year, and they're guiding for over 70% growth in Q2. They're gaining market share against Intel while also benefiting from this expanding market. Plus, they landed some massive AI partnerships - they announced deals with Meta for up to 6 gigawatts of AMD Instinct GPUs and expanded their OpenAI partnership.

**ALEX:** Six gigawatts? That's... that's a lot of computing power. Put that in perspective for our listeners.

**JORDAN:** To put it simply, that's enough power to run a small city! These are multi-year, multi-billion dollar commitments. AMD is becoming a core infrastructure partner for the world's biggest AI companies. And the exciting part is Lisa Su mentioned they're seeing demand forecasts exceeding their initial plans, with visibility all the way down to which specific data centers these chips are going into.

**ALEX:** Now, it wasn't all perfect news. There were some headwinds mentioned, particularly around memory costs and China. Can you break that down?

**JORDAN:** Right, so memory prices are inflating across the industry, which is impacting both costs and consumer demand. AMD expects this to hurt PC and gaming demand in the second half of the year. They also saw their AI GPU revenue decline slightly in Q1 due to lower China sales, though that's more of a geographic mix shift than a fundamen

This episode includes AI-generated content.]]>AMD-Q1-2026-enWed, 06 May 2026 16:10:36 +0000trueBeta FinchMore earnings analysis: https://betafinch.com Groups: CHIPS (https://betafinch.com/groups/CHIPS), AI_LEADERS (https://betafinch.com/groups/AI_LEADERS) ────────── **BETA FINCH PODCAST SCRIPT** --- **ALEX:** Welcome to Beta Finch, your AI-powered...https://betafinch.com
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**BETA FINCH PODCAST SCRIPT**

---

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown where we decode the quarterly reports so you don't have to. I'm Alex, and joining me as always is Jordan. Today we're diving into AMD's absolutely stellar Q1 2026 results that had Wall Street buzzing.

But before we jump in, I need to mention that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

Jordan, AMD just dropped some seriously impressive numbers. Walk us through the headline figures.

**JORDAN:** Alex, these results were nothing short of spectacular. AMD crushed expectations with $10.3 billion in revenue - that's 38% growth year-over-year. But here's the kicker - they're guiding for $11.2 billion in Q2, which would be 46% year-over-year growth. Their data center business is absolutely on fire, hitting a record $5.8 billion, up 57% from last year.

**ALEX:** And the profitability story is even better, right? I saw some incredible cash flow numbers.

**JORDAN:** Exactly! Free cash flow more than tripled to a record $2.6 billion - that's 25% of revenue. Earnings per share jumped 43% to $1.37. Lisa Su called it "a clear inflection in our growth trajectory and a structural shift in our business." Data center is now their primary growth driver, which is a massive change from just a few years ago.

**ALEX:** Now, the really interesting story here seems to be what AMD is calling the "Agentic AI" revolution. Jordan, they literally doubled their server CPU market size projection in just six months. How does that happen?

**JORDAN:** It's pretty remarkable, Alex. Back in November at their analyst day, they projected the server CPU market would grow at about 18% annually to around $60 billion by 2030. Now they're saying it'll grow at over 35% annually, reaching more than $120 billion by 2030.

Lisa Su explained it perfectly - as AI adoption scales and you get more inference workloads and AI agents, you need dramatically more CPU compute for orchestration, data processing, and managing these AI workloads. It's not just about the GPUs anymore.

**ALEX:** And AMD is positioned perfectly for this, aren't they? They're seeing massive growth in both their server CPUs and their AI accelerators.

**JORDAN:** Absolutely. Their EPYC server CPU business grew over 50% year-over-year, and they're guiding for over 70% growth in Q2. They're gaining market share against Intel while also benefiting from this expanding market. Plus, they landed some massive AI partnerships - they announced deals with Meta for up to 6 gigawatts of AMD Instinct GPUs and expanded their OpenAI partnership.

**ALEX:** Six gigawatts? That's... that's a lot of computing power. Put that in perspective for our listeners.

**JORDAN:** To put it simply, that's enough power to run a small city! These are multi-year, multi-billion dollar commitments. AMD is becoming a core infrastructure partner for the world's biggest AI companies. And the exciting part is Lisa Su mentioned they're seeing demand forecasts exceeding their initial plans, with visibility all the way down to which specific data centers these chips are going into.

**ALEX:** Now, it wasn't all perfect news. There were some headwinds mentioned, particularly around memory costs and China. Can you break...]]>480falsefullhttps://www.spreaker.com/episode/advanced-micro-devices-q4-2025-earnings-analysis--70248644
---

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into AMD's blockbuster Q4 2025 earnings call. Before we get started, I want to remind everyone that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And wow, what a quarter for AMD! Let me start with the headline numbers because they're pretty impressive. Q4 revenue hit $10.3 billion, up 34% year-over-year, and for the full year they reached a record $34.6 billion in revenue. Net income jumped 42% to $2.5 billion in the quarter.

**ALEX:** Those are strong numbers across the board. But what really caught my attention was their data center segment performance. Jordan, can you break down what's happening there?

**JORDAN:** Absolutely. The data center segment was the star of the show with $5.4 billion in revenue, up 39% year-over-year. What's fascinating is they're seeing growth on two fronts - their traditional EPYC server CPUs are crushing it, and their AI GPU business with the Instinct chips is really starting to ramp up.

**ALEX:** And Lisa Su, AMD's CEO, seemed particularly bullish about their AI prospects. She mentioned they're targeting tens of billions in AI revenue by 2027. That's a pretty bold claim.

**JORDAN:** It is bold, but they've got some big partnerships backing it up. The most notable is their multi-generation deal with OpenAI to deploy six gigawatts of Instinct GPUs. That's massive scale we're talking about. And they're expecting their next-gen MI450 chips and Helios platform to start shipping in the second half of 2026.

**ALEX:** Let's talk about that China situation though, because that added some complexity to the numbers. They had $390 million in revenue from MI308 sales to China in Q4, which wasn't in their original guidance.

**JORDAN:** Right, and that's important context. Those were from licenses approved earlier in 2025, and they're only forecasting another $100 million from China in Q1. Beyond that, they're not providing any guidance on China revenue because of the regulatory uncertainty. So investors should view those China numbers as essentially one-time benefits rather than recurring revenue.

**ALEX:** The other segment that really impressed me was their client and gaming business. $3.9 billion in revenue, up 37% year-over-year. Their Ryzen processors seem to be gaining serious market share.

**JORDAN:** That's a great point, Alex. What I found interesting is they're not just competing on the consumer side - they're making real inroads in commercial PCs. Their Ryzen CPU sell-through for commercial notebooks and desktops grew over 40% year-over-year. That's typically a stickier, higher-margin market.

**ALEX:** Speaking of margins, let's talk about profitability. Their gross margin hit 57% in Q4, though that included a one-time inventory reserve release. Even adjusting for that, they were at about 55%, which is still solid.

**JORDAN:** And Jean Hu, their CFO, seemed confident about margin progression going forward. She mentioned they're benefiting from favorable product mix across all their businesses - newer generation products in data center, moving up-market in client, and recovery in their embedded business.

**ALEX:** The Q&A session had some interesting moments too. One analyst asked about supply constraints for their server CPUs, and Lisa Su acknowledged they've been increasing supply capacity because demand has been so strong.

**JORDAN:** That's a good problem to have, but it does raise questions about whether they can meet all the demand they're seeing. Su mentioned they're working with supply chain partners on multi-year agreements, which suggests they're taking this seriously.

**ALEX:** There was a

This episode includes AI-generated content.]]>AMD-Q4-2025-enTue, 24 Feb 2026 13:03:23 +0000trueBeta Finch**BETA FINCH PODCAST SCRIPT** --- **ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into AMD's blockbuster Q4 2025 earnings call. Before we get started, I want to remind...
---

**ALEX:** Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into AMD's blockbuster Q4 2025 earnings call. Before we get started, I want to remind everyone that this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

**JORDAN:** Thanks Alex. And wow, what a quarter for AMD! Let me start with the headline numbers because they're pretty impressive. Q4 revenue hit $10.3 billion, up 34% year-over-year, and for the full year they reached a record $34.6 billion in revenue. Net income jumped 42% to $2.5 billion in the quarter.

**ALEX:** Those are strong numbers across the board. But what really caught my attention was their data center segment performance. Jordan, can you break down what's happening there?

**JORDAN:** Absolutely. The data center segment was the star of the show with $5.4 billion in revenue, up 39% year-over-year. What's fascinating is they're seeing growth on two fronts - their traditional EPYC server CPUs are crushing it, and their AI GPU business with the Instinct chips is really starting to ramp up.

**ALEX:** And Lisa Su, AMD's CEO, seemed particularly bullish about their AI prospects. She mentioned they're targeting tens of billions in AI revenue by 2027. That's a pretty bold claim.

**JORDAN:** It is bold, but they've got some big partnerships backing it up. The most notable is their multi-generation deal with OpenAI to deploy six gigawatts of Instinct GPUs. That's massive scale we're talking about. And they're expecting their next-gen MI450 chips and Helios platform to start shipping in the second half of 2026.

**ALEX:** Let's talk about that China situation though, because that added some complexity to the numbers. They had $390 million in revenue from MI308 sales to China in Q4, which wasn't in their original guidance.

**JORDAN:** Right, and that's important context. Those were from licenses approved earlier in 2025, and they're only forecasting another $100 million from China in Q1. Beyond that, they're not providing any guidance on China revenue because of the regulatory uncertainty. So investors should view those China numbers as essentially one-time benefits rather than recurring revenue.

**ALEX:** The other segment that really impressed me was their client and gaming business. $3.9 billion in revenue, up 37% year-over-year. Their Ryzen processors seem to be gaining serious market share.

**JORDAN:** That's a great point, Alex. What I found interesting is they're not just competing on the consumer side - they're making real inroads in commercial PCs. Their Ryzen CPU sell-through for commercial notebooks and desktops grew over 40% year-over-year. That's typically a stickier, higher-margin market.

**ALEX:** Speaking of margins, let's talk about profitability. Their gross margin hit 57% in Q4, though that included a one-time inventory reserve release. Even adjusting for that, they were at about 55%, which is still solid.

**JORDAN:** And Jean Hu, their CFO, seemed confident about margin progression going forward. She mentioned they're benefiting from favorable product mix across all their businesses - newer generation products in data center, moving up-market in client, and recovery in their embedded business.

**ALEX:** The Q&A session had some interesting moments too. One analyst asked about supply constraints for their server CPUs, and Lisa Su acknowledged they've been increasing supply capacity because demand has been so strong.

**JORDAN:** That's a good problem to have, but it does raise questions about whether they can meet all the demand they're...]]>524falsefullhttps://www.spreaker.com/episode/advanced-micro-devices-q2-2025-earnings-analysis--70208902
JORDAN: Thanks Alex. And wow, what a quarter for AMD! They absolutely crushed it with record revenue of $7.7 billion - that's up 32% year-over-year and beat the midpoint of their guidance. But there's definitely a story of two halves here.

ALEX: Exactly right, Jordan. On one hand, you've got this incredible momentum in traditional semiconductors - record sales for both their EPYC server chips and Ryzen consumer processors. But then there's this big cloud hanging over their AI GPU business with those U.S. export controls to China. Let's break down the numbers first.

JORDAN: So the headline numbers look strong, but dig a little deeper and you see some complexity. They reported earnings per share of 48 cents, down from 69 cents last year. But here's the kicker - they took an $800 million inventory write-down related to those export restrictions on AI chips to China. Without that charge, gross margins would have been 54% instead of the reported 43%.

ALEX: That write-down is massive, Jordan. It's essentially AMD saying "we built all these high-end AI chips for China, but now we can't sell them." CEO Lisa Su mentioned that most of this wasn't finished goods sitting on shelves - it was work-in-process inventory that will take a couple quarters to work through if and when licenses get approved.

JORDAN: Right, and that's actually somewhat encouraging because it means they're not stuck with warehouses full of obsolete products. Speaking of AI chips, let's talk about what's working. Their new MI350 series started shipping in June - ahead of schedule - and Su sounded genuinely excited about customer adoption.

ALEX: The MI350 story is fascinating. Su mentioned they're seeing faster adoption than expected, with customers wanting to deploy at scale rather than the smaller pilot deployments they saw with the MI300 series. They're positioning the MI355 as competitive with NVIDIA's B200 and GB200 chips, claiming 40% more tokens per dollar for inference workloads.

JORDAN: And here's where it gets really interesting - they announced this massive collaboration with Saudi Arabia through something called HUMAIN, described as a "multibillion-dollar" AI infrastructure deal. Plus they mentioned over 40 active sovereign AI engagements globally. This could be a game-changer for AMD's positioning against NVIDIA.

ALEX: Absolutely. But let's not forget their bread and butter businesses, because those are absolutely on fire right now. Client and Gaming revenue jumped 69% year-over-year to $3.6 billion. That's driven by what Su called "record desktop CPU sales" with their Ryzen processors consistently topping bestseller lists.

JORDAN: The client story is particularly impressive because it's not just about volume - they're moving up-market. Revenue growth of 67% year-over-year in client CPUs is largely coming from higher average selling prices as they capture more premium segments. And they're finally making real inroads in enterprise PCs, which has been a tough nut to crack against Intel.

ALEX: Data center CPUs are another bright spot. Despite all the focus on AI GPUs, AMD set records for both cloud and enterprise CPU sales. Su mentioned they've now had 33 consecutive quarters of server market share gains. Think about that - that's over eight years of steady progress against Intel.

JORDAN: The guidance for Q3 is pretty telling too. They're calling for revenue of about $8.7 billion, which implies 28% year-over-year growth. The key driver is supposed to be that MI350 ramp we talked about, even withou

This episode includes AI-generated content.]]>AMD-Q2-2025-enSun, 22 Feb 2026 03:58:26 +0000trueBeta FinchALEX: Welcome to Beta Finch, your AI-powered earnings breakdown. I'm Alex, and I'm here with my co-host Jordan to dive into AMD's Q2 2025 earnings call. Now, before we get started, I need to mention that this podcast is AI-generated content for...
JORDAN: Thanks Alex. And wow, what a quarter for AMD! They absolutely crushed it with record revenue of $7.7 billion - that's up 32% year-over-year and beat the midpoint of their guidance. But there's definitely a story of two halves here.

ALEX: Exactly right, Jordan. On one hand, you've got this incredible momentum in traditional semiconductors - record sales for both their EPYC server chips and Ryzen consumer processors. But then there's this big cloud hanging over their AI GPU business with those U.S. export controls to China. Let's break down the numbers first.

JORDAN: So the headline numbers look strong, but dig a little deeper and you see some complexity. They reported earnings per share of 48 cents, down from 69 cents last year. But here's the kicker - they took an $800 million inventory write-down related to those export restrictions on AI chips to China. Without that charge, gross margins would have been 54% instead of the reported 43%.

ALEX: That write-down is massive, Jordan. It's essentially AMD saying "we built all these high-end AI chips for China, but now we can't sell them." CEO Lisa Su mentioned that most of this wasn't finished goods sitting on shelves - it was work-in-process inventory that will take a couple quarters to work through if and when licenses get approved.

JORDAN: Right, and that's actually somewhat encouraging because it means they're not stuck with warehouses full of obsolete products. Speaking of AI chips, let's talk about what's working. Their new MI350 series started shipping in June - ahead of schedule - and Su sounded genuinely excited about customer adoption.

ALEX: The MI350 story is fascinating. Su mentioned they're seeing faster adoption than expected, with customers wanting to deploy at scale rather than the smaller pilot deployments they saw with the MI300 series. They're positioning the MI355 as competitive with NVIDIA's B200 and GB200 chips, claiming 40% more tokens per dollar for inference workloads.

JORDAN: And here's where it gets really interesting - they announced this massive collaboration with Saudi Arabia through something called HUMAIN, described as a "multibillion-dollar" AI infrastructure deal. Plus they mentioned over 40 active sovereign AI engagements globally. This could be a game-changer for AMD's positioning against NVIDIA.

ALEX: Absolutely. But let's not forget their bread and butter businesses, because those are absolutely on fire right now. Client and Gaming revenue jumped 69% year-over-year to $3.6 billion. That's driven by what Su called "record desktop CPU sales" with their Ryzen processors consistently topping bestseller lists.

JORDAN: The client story is particularly impressive because it's not just about volume - they're moving up-market. Revenue growth of 67% year-over-year in client CPUs is largely coming from higher average selling prices as they capture more premium segments. And they're finally making real inroads in enterprise PCs, which has been a tough nut to crack against Intel.

ALEX: Data center CPUs are another bright spot. Despite all the focus on AI GPUs, AMD set records for both cloud and enterprise CPU sales. Su mentioned they've now had 33 consecutive quarters of server market share gains. Think about that - that's over eight years of steady progress against Intel.

JORDAN: The guidance for Q3 is pretty telling too. They're calling for revenue of about $8.7 billion,...]]>495falsefull