Overview
- AMD reported record second-quarter revenue of about $11.54 billion and non‑GAAP EPS of $1.66, driven by a doubling of data‑center sales to roughly $6.7 billion.
- Management said Helios rack systems are in production and disclosed customer commitments with Anthropic, OpenAI, Microsoft, Meta, Oracle and Core Scientific, and projected data‑center sales to more than double in 2027.
- The company guided third‑quarter revenue to about $13 billion and an adjusted gross margin near 56%, a midpoint that beat some estimates but fell short of the most optimistic forecasts.
- Investors sold shares after the report because quarterly capital expenditures rose to $808 million and free cash flow fell to $1.56 billion, highlighting near‑term cash conversion and capex tradeoffs.
- Supply constraints at TSMC and scarce HBM4 memory, plus fierce competition from Nvidia and Intel, mean AMD’s ability to scale Helios and MI-series accelerators will shape whether current momentum sustains into 2027.