AMD · Advanced Micro Devices Inc
Price & Indicators
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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Research
our published analysis of this company-
Research ThesisSuper Micro Computer's 15–17% margin guide against a 10.1% recent print makes the bear trade the heavier one
The $60B FQ4 backlog is the cleanest demand signal in AI servers, but the lifted 15–17% gross-margin guide against a 10.1% Q3 FY2026 print, an active export-control board review, and 16.2% short interest leave the bear case as the heavier of the two trades heading into the August 11 print.
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Research ThesisIntel: The $465.7B market cap attached to a $57.0B money-losing business has one quarter to prove the Q2 2026 reset
Intel's 326.7% rally has priced in a turnaround the Q2 2026 print only just began to earn, with $57.0B of TTM revenue against -$77.0M of TTM EBIT. The Q3 2026 guide of $15.8B–$16.8B revenue and $0.31 GAAP EPS is the first datapoint that will decide whether the 41.8% non-GAAP gross margin holds and a dividend reinstatement becomes credible, or whether the -28.9% drawdown from $140.94 deepens.
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Research ThesisAMD at 171.1× earnings is the cycle's most multiple-expanding bet, and Q2 2026 is the bar
Advanced Micro Devices trades at 171.1× on +34.3% revenue growth against Nvidia at 31.7× on +125.9% and Broadcom at 63.6× on +143% AI semiconductor growth, with the $11.2B Q2 2026 guide and initial Helios volume in Q3 now the only thing standing between the multiple holding and a re-rating toward Broadcom's 63.6×.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
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| Client Net Revenue | $3.06B | FY2026 Q2 | +22.5% |
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| Client segment net revenue | $3.06B | FY2026 Q2 | +22.5% |
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| Embedded segment net revenue | $977M | FY2026 Q2 | +18.6% |
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| Gaming segment net revenue | $779M | FY2026 Q2 | -30.6% |
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| Gaming segment revenue | $779M | FY2026 Q2 | -30.6% |
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| Adjusted EBITDA non-GAAP | $6.06B | Six Months Ended June 27, 2026 | +99.2% |
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| Client and Gaming Segment | $7.45B | Six Months Ended June 27, 2026 | — |
| Client and Gaming Segment Operating Income | $1.16B | Six Months Ended June 27, 2026 | — |
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| Client and Gaming segment revenue | 3.8B | Q2'26 | +5.6% |
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| Client business revenue | 3.1B | Q2'26 | — |
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| Client revenue | $5.95B | Six Months Ended June 27, 2026 | — |
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| Data Center Segment | $12.49B | Six Months Ended June 27, 2026 | — |
| Data Center Segment Net Revenue | $6.56B | Q2 FY2026 | — |
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| Data Center Segment Operating Income | $3.7B | Six Months Ended June 27, 2026 | — |
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| Data Center segment revenue | 6.7B | Q2'26 | +109.4% |
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| Diluted shares | 1.66B | Q2 2026 | +1.8% |
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| Embedded Net Revenue | $1.85B | Six Months Ended June 27, 2026 | — |
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| Embedded Segment | $1.85B | Six Months Ended June 27, 2026 | — |
| Embedded Segment Operating Income | $724M | Six Months Ended June 27, 2026 | — |
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| Embedded segment operating margin | 40% | Q2 2026 | — |
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| Free cash flow non-GAAP | $4.12B | Six Months Ended June 27, 2026 | +116.3% |
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| Free cash flow margin % non-GAAP | 19% | Six Months Ended June 27, 2026 | +46.2% |
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| Gaming business revenue | 779M | Q2'26 | — |
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| Gaming revenue | $1.5B | Six Months Ended June 27, 2026 | — |
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| Non-GAAP diluted earnings per share non-GAAP | $1.66 | Q2 FY2026 | — |
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| Non-GAAP gross margin non-GAAP | 56% | Q2 FY2026 | +30.2% |
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| Non-GAAP net income non-GAAP | $2.76B | Q2 FY2026 | +253.4% |
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| Non-GAAP net income / earnings per share non-GAAP | $2.76B | Three Months Ended June 27, 2026 | — |
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| Non-GAAP operating expenses non-GAAP | $3.39B | Q2 2026 | +39.7% |
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| Non-GAAP operating expenses/revenue % non-GAAP | 29% | Q2 FY2026 | -9.4% |
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| Non-GAAP operating income non-GAAP | $3.09B | Q2 FY2026 | +244.9% |
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GAAP → non-GAAP reconciliationGAAP GAAP operating income $1.99B
+$503M Stock-based compensation
+$544M Amortization of acquisition-related intangibles
+$40M Acquisition-related and other costs
+$17M Loss contingency on legal matters
= Non-GAAP operating income $3.09B
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| Non-GAAP operating margin non-GAAP | 27% | Q2 FY2026 | +125.0% |
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| Operating cash flow margin % from continuing operations | 24% | Six Months Ended June 27, 2026 | +50.0% |
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| Client & Gaming Operating Income | $575M | Q1 2026 | — |
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| Client and Gaming segment operating margin | 16% | Q1 2026 | — |
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| Non-GAAP gross profit non-GAAP | $5.69B | Q1 2026 | — |
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| Adjusted Non-GAAP gross margin non-GAAP | 55% | Q4 FY2025 | — |
| Adjusted Non-GAAP gross profit non-GAAP | $5.43B | Q4 FY2025 | — |
GAAP → non-GAAP reconciliationGAAP GAAP gross profit 5.58B
+278M Stock-based compensation, amortization of acquisition-related intangibles, acquisition-related and other costs
-430M Impact from the release of inventory and related charges associated with U.S. export restrictions and AMD Instinct MI308 revenue
= Adjusted Non-GAAP gross profit 5.43B
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| Non-GAAP diluted EPS non-GAAP | $4.17 | FY 2025 | — |
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| Non-GAAP gross margin (as adjusted to exclude inventory and related charges associated with U.S. non-GAAP | 55% | Q4 2025 | — |
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| Data Center segment Operating Margin | 25% | Q3 2025 | — |
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| Operating cash flow margin % | 19% | Q3 2025 | +111.1% |
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| Data Center Operating Income (Loss) | -$155M | Q2'25 | — |
| Inventory and related charges associated with U.S. export restrictions non-GAAP | 800M | Q2 2025 | — |
| Non-GAAP gross profit (as adjusted to exclude inventory and related charges associated with U.S. non-GAAP | $4.13B | Three Months Ended June 28, 2025 | — |
| International sales as a percentage of net revenue | 66% | the three months ended March 29, 2025 filing | +10.0% |
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| Client & Gaming segment revenue | 2.94B | Q1'25 | — |
| Data Center Operating Margin | 25% | Q1 2025 | — |
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| Non-GAAP earnings per share non-GAAP | $0.96 | Q1'25 | — |
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| Client Operating Income | $276M | Q3'24 | +97.1% |
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| Client Operating Margin | 15% | Q3 2024 | — |
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| Embedded Operating Margin | 40% | Q3 2024 | — |
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| Gaming Operating Income | $12M | Q3'24 | -94.2% |
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| All Other operating loss | -$2.07B | Six Months Ended June 29, 2024 | — |
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| Gaming Operating Margin | 12% | Q2 2024 | — |
| Client segment operating income | $86M | Three Months Ended March 30, 2024 | — |
| Client segment operating margin | 6% | Q1 2024 | — |
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| Gaming segment operating income | $151M | Three Months Ended March 30, 2024 | -51.9% |
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| Gaming segment operating margin | 16% | Q1 2024 | — |
| AMD now powers supercomputers in Top500 list | 121 | Q2 2023 | — |
| AMD now powers top 10 supercomputers on Green500 list | 7 | Q2 2023 | — |
| Client segment operating loss | -$69M | Q2 FY2023 | — |
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| Client segment operating income (loss) | -$172M | Three Months Ended April 1, 2023 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Semiconductors — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
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AMD
this stock
Advanced Micro Devices Inc
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$830.07B | +140.2% | +34.3% | 130.7 | 2.3% |
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NVDA
Nvidia Corp
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$5.42T | +20.7% | +65.5% | 34.3 | 1.2% |
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TSM
Taiwan Semiconductor Manufacturing Co Ltd
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$2.23T | +40.3% | — | — | 0.6% |
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AVGO
Broadcom Inc.
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$1.87T | +13.5% | +18.2% | 65.4 | 1.3% |
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SKHY
SK hynix Inc.
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$1.10T | — | — | — | 0.3% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| AMD | +6.4% | +3.8% | +161.6% | +8.0% | +140.2% |
| SPY | +0.4% | +4.5% | +13.8% | +3.9% | +13.9% |
| vs SPY | +6.0% | -0.7% | +147.9% | +4.1% | +126.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.