AMD·Semiconductors (fabless logic — CPUs, AI GPUs/accelerators, FPGAs/adaptive SoCs)

Advanced Micro Devices

ConvictionWeak

Fabless: AMD designs the silicon and outsources fabrication to foundries (primarily TSMC), selling chips to hyperscalers, OEMs, and channel, plus semi-custom royalties (game consoles). Increasingly sells rack-scale AI systems (Helios) after the 2025 ZT Systems acquisition.

Revenue

$34.6B FY2025+34% YoY, fact); $10.3B Q1 FY26 (+38% YoY, fact

Rev growthfact

+38% YoY Q1 FY26Q2 FY26 guided ~$11.2B (~+46% YoY

Gross marginfact

50% GAAP FY202555% non-GAAP Q1 FY26 (+170bps YoY) — vs Nvidia ~75%

Op margin

~11% GAAP FY2025$3.7B op income on $34.6B, fact); non-GAAP op margin mid-20s%

Capex intensity

~2.8% FY2025$974M capex / $34.6B revenue, fact) — asset-light fabless model

Market cap

~$848BJune 23, 2026, fact

Price · 1-year trend

real · weekly

$533+270% 1yUSD

52-week range

$138 – $537

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityWeak

AI Compute Value-Chain

Full context

comp

Nvidia — single-name conviction

Credible #2 on memory-bound inference (432GB HBM4, 19.6TB/s), ~2.5x slower/GPU vs Rubin, not yet a scale-up-fabric peer. The NVLink challen…

Full context

The read

Where our coverage leans

Bull & bear in tension

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Full financial intelligence for Advanced Micro Devices

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence