핵심요약

• 데이터센터 사업이 전체 회사 매출의 대부분을 차지함
• 서버 및 데이터센터 AI 사업이 수익성 성장의 동인임
• 장기 재무 전망을 상향 조정하여 성장 목표 초과 예상
• 2026년 하반기 및 2027년까지 판매 가속화 전망

도입

본 기사는 AMD가 데이터센터 AI 시장의 폭발적인 성장을 어떻게 수익성과 장기 전망으로 연결시키고 있는지를 보여줍니다. 이는 단순한 반도체 기업을 넘어, 인공지능 컴퓨팅 인프라 시장의 핵심 플레이어로 자리매김했음을 의미하며 투자자들에게 AI 시대의 컴퓨팅 패러다임 변화에 따른 기술적 리더십과 시장 확장성을 평가하게 합니다.

본문 1: 데이터센터 중심의 수익 구조

AMD의 실적은 데이터센터 사업이 전체 회사 매출의 대부분을 차지한다는 점에서 주목할 만합니다. 이는 AMD가 전통적인 PC 시장을 넘어 고성장 분야인 서버 및 데이터센터 AI 인프라 시장에서 강력한 입지를 구축했음을 명확히 보여줍니다. 이러한 데이터센터 중심의 수익 구조는 AI 칩 수요가 폭증하는 현재 시장 환경에서 AMD가 가장 큰 수혜를 받고 있음을 의미합니다. 특히, 관리자들이 기록적인 매출과 수익성을 달성한 것은 AI 연산에 필수적인 고성능 CPU 및 GPU 솔루션에 대한 시장의 강력한 수요가 AMD의 제품 포트폴리오와 정확히 일치했기 때문입니다. 이는 AMD가 단순한 메모리 및 프로세서 공급자를 넘어, AI 워크로드 처리를 위한 통합 솔루션 제공자로서의 역할을 성공적으로 수행하고 있다는 증거입니다. 즉, 데이터센터의 확장 자체가 AMD의 재무적 성공을 견인하는 핵심 동력으로 작용하고 있습니다.

본문 2: 전략적 초점의 변화와 미래 아키텍처

AMD는 현재의 성공에 안주하지 않고 전략적 초점을 랙스케일 AI 플랫폼과 차세대 CPU 아키텍처로 전환하고 있습니다. 이는 단순히 기존 제품을 판매하는 것을 넘어, 에이전트 AI와 같은 새로운 형태의 복잡한 워크로드에 대응하기 위한 근본적인 기술 혁신을 추구함을 의미합니다. 에이전트 AI는 기존의 대규모 훈련(training)뿐만 아니라 실시간 추론(inference)과 복잡한 작업 처리 능력을 요구하며, 이는 새로운 CPU 아키텍처와 고도로 통합된 AI 플랫폼의 필요성을 증대시킵니다. 따라서 AMD가 차세대 CPU 아키텍처 개발에 집중하는 것은, 단순히 시장 점유율을 유지하는 것을 넘어, AI 시대의 새로운 컴퓨팅 요구사항을 선도하고 기술적 해자(moat)를 강화하려는 전략적 움직임으로 해석됩니다. 이러한 아키텍처 혁신은 향후 몇 년간 AI 인프라 시장의 경쟁 구도를 재편하는 데 결정적인 역할을 할 것입니다.

본문 3: 시장 전망과 리스크 요인

경영진은 2026년 하반기와 2027년까지 판매가 가속화될 것으로 전망하고 있습니다. 이러한 가속화는 AI 투자 사이클이 지속되고 있으며, 데이터센터의 컴퓨팅 수요가 앞으로도 지속적으로 증가할 것이라는 낙관적인 시장 전망에 기반합니다. 그러나 이러한 긍정적인 전망에도 불구하고, 수출 통제와 같은 지정학적 리스크는 여전히 중요한 변수로 작용합니다. 특히, 미-중 간의 기술 패권 경쟁과 관련하여 수출 규제는 AMD의 글로벌 시장 접근성과 공급망 안정성에 잠재적인 제약을 가할 수 있습니다. 따라서 AMD는 기술 혁신을 지속하는 동시에, 다양한 지역의 규제 환경 변화에 유연하게 대응하고 안정적인 글로벌 공급망을 확보하는 데 집중해야 하는 과제를 안고 있습니다. 이는 장기적인 성장 동력을 확보하는 데 있어 기술적 우위뿐만 아니라 지정학적 위험 관리 능력이 중요함을 시사합니다.

결론

AMD는 데이터센터 AI라는 강력한 기반 위에서 재무적 성과를 입증했으며, 이제 랙스케일 AI 플랫폼과 차세대 CPU 아키텍처라는 전략적 초점을 통해 미래의 AI 컴퓨팅 요구사항에 선제적으로 대응하고 있습니다. 향후 성장은 AI 인프라 수요의 지속적인 증가에 달려있으나, 수출 규제와 같은 지정학적 변수에 대한 선제적 관리가 성공적인 성장을 위한 핵심 요소가 될 것입니다. 투자자들은 AMD의 기술 혁신 속도와 글로벌 공급망 안정성 확보 노력을 면밀히 관찰해야 할 것입니다.

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원문 링크: https://www.fool.com/earnings/call-transcripts/2026/08/11/amd-amd-q2-2026-earnings-call-transcript/?.tsrc=rss

AMD (AMD) Q2 2026 Earnings Call Transcript

Image source: The Motley Fool.

Tuesday, Aug. 4, 2026 at 2 a.m. ET

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Management reported record revenue and profitability driven by the increasing scale of the server and data center AI businesses. The company raised its long-term financial outlook, indicating that it expects to exceed previous growth and earnings targets due to an expanding compute market. Strategic focus has transitioned toward rackscale AI platforms and next-generation CPU architectures to address emerging workloads in agentic AI. Data center operations now represent the majority of total company revenue, with management projecting a significant acceleration in sales during the second half of the year and into 2027.

Full Conference Call Transcript

Operator: Greetings, and welcome to the AMD Second Quarter 2026 Conference Call. [Operator Instructions] And please note that this conference is being recorded. I will now turn the conference over to Matt Ramsey, VP, Financial Strategy and IR. Thank you, Matt. You may begin.

Matthew Ramsay: Thank you, and welcome to AMD's Second Quarter 2026 Financial Results Conference Call. By now, you should have had the opportunity to review a copy of our earnings press release and the accompanying slides. If you have not had the chance to review these materials, they can be found on the Investor Relations page of amd.com. Today, we will refer primarily to non-GAAP financial measures during the call. The full non-GAAP to GAAP reconciliations are available in today's press release and slides posted on our website. As a reminder, our second quarter 2025 results included approximately $800 million of inventory and related charges associated with U.S. export control restrictions on MI308 shipments to China.

Unless otherwise noted, comments making year-over-year comparisons exclude the impact of those charges to provide a more comparable and meaningful view of our underlying business performance. Participants on today's conference call are Dr. Lisa Su, our Chair and CEO and Jean Hu, our Executive Vice President, CFO and Treasurer. This is a live call and will be replayed via webcast on our website. Before we begin, I would like to note that AMD will participate in the following events for the financial community. KeyBanc's Technology Leadership Forum on Tuesday, August 11; Citi's 2026 Global TMT Conference on Tuesday, September 8; and the Goldman Sachs Communacopia and Technology Conference on Friday, September 11.

Today's discussions contain forward-looking statements based on the current beliefs, assumptions, expectations including forward-looking statements regarding financial projections, business and industry trends that speak only as of today and as such, involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information on these factors that could cause actual results to differ materially. With that, I will hand the call over to Lisa.

Lisa Su: Thank you, Matt, and good afternoon to all those listening today. We delivered another outstanding quarter with record revenue and profitability as adoption of our leadership products continued to expand. Revenue increased 50% year-over-year to $11.5 billion, driven by significantly higher sales of EPYC, Instinct, Ryzen and embedded processors. Data center revenue more than doubled year-over-year and now represents 58% of total revenue, up from 42% a year ago, reflecting the rapidly expanding scale of our server and data center AI businesses. Our record results mark another clear step up in AMD's financial performance and demonstrates the strength of our product portfolio and execution.

We are still in the early stages of a multiyear AI adoption cycle as deployments grow across a broad set of markets and workloads, driving demand for more compute and creating a clear path to significant revenue growth and earnings power in the years ahead. Turning to our segments. Data center revenue grew 107% year-over-year to a record $6.7 billion, driven by strong demand for EPYC processors and Instinct accelerators. In server, we delivered our fifth consecutive quarter of record server CPU revenue with cloud and enterprise sales each growing more than 70% year-over-year, exceeding the outlook we provided last quarter.

We gained x86 server revenue share year-over-year as customers expanded deployments of both fifth-gen EPYC Turin and fourth-gen EPYC Genoa families. In cloud, hyperscalers continued expanding EPYC across their internal infrastructure and public cloud offerings, including AWS, Microsoft, Google, Oracle and others. Fifth-gen EPYC Turin now powers nearly 1/3 of the more than 1,600 EPYC public cloud instance types available globally as providers broaden their offerings with new database storage and AI workloads. That expanding footprint is translating into growing adoption of EPYC in the cloud with health care, financial services, media and technology companies adding tens of millions of instances last quarter.

In enterprise, we delivered record sales in our fourth consecutive quarter of record sell-through as on-prem adoption accelerated driven by the leadership performance and TCO advantages of our EPYC portfolio. Growth was broad-based as we won large deployments with leading financial services, manufacturing, telecom, retail, and technology companies. More than 230 fifth-gen EPYC platforms are now in market from HPE, Dell, Lenovo, Supermicro and others, our broadest enterprise portfolio to date. Looking ahead, agentic AI is creating a new growth vector for server CPUs, spanning high-frequency AI host nodes, high-density agentic servers and general-purpose cloud and enterprise workloads.

Our sixth-gen EPYC Venice family is purpose-built for this expanding range of workloads and delivers one of the largest generational performance gains in EPYC history. Built on our all-new Zen 6 core and 2-nanometer technology, Venice extends EPYC leadership in performance and efficiency, delivering more than twice performance per watt of leading x86 CPUs, and up to 3.3x the performance per watt of leading ARM-based CPUs. The Venice family includes more than 30 processors that combine leadership per core and per-socket performance with a broad range of memory and I/O configurations, giving customers greater flexibility to optimize performance, efficiency, and TCO across the most widely used cloud, enterprise, and HPC workloads.

Venice is in production now with every major OEM on track to launch platforms and the leading cloud providers planning deployments beginning later this year. Customer demand for Venice is stronger than for any prior EPYC generation, and we expect to continue growing market share across cloud and enterprise in the coming quarters. Turning to our data center AI business. Revenue more than doubled over year driven by strong demand for Instinct accelerators. MI355x adoption continued to broaden as leading AI companies scale deployments across a growing range of inferencing and training workloads and cloud providers expanded MI350-series availability.

At our advancing AI event, we launched Helios, our rackscale AI platform combining EPYC Venice CPUs, MI450-Series GPUs, Pensando networking and ROCm software. Across a broad range of inferencing workloads, Helios delivers up to 15% more throughput at the same rack power and up to 30% more tokens per dollar than the competition. Customer pull for Helios is very strong and tracking ahead of our initial forecast. In addition to our multi-generation gigawatt scale deployments with OpenAI and Meta, we announced a new strategic partnership with Anthropic. Anthropic will deploy up to 2 gigawatts of MI450 series GPUs in Helios with deployment of the first gigawatt beginning in the first half of 2027.

The partnership includes a multiyear joint engineering collaboration using Claude to optimize workloads for Instinct GPUs and accelerate ROCm software development. We also expanded our long-standing partnership with Microsoft. Microsoft will deploy Helios at scale on Azure for frontier model inferencing across Microsoft, its AI customers and Azure AI services. Together, these commitments broaden the group of leading AI companies and cloud providers building their next-generation infrastructure on AMD. Helios is now in production with initial shipments on track to begin later this quarter and ramp through the fourth quarter and into 2027 to meet very strong customer demand.

Looking beyond Helios, we plan to launch a new rack scale AI platform every year with each generation delivering significant performance, efficiency and TCO gains. In 2027, our next-generation platform combines MI500 series GPUs, Verano CPUs and Pensando networking with expanded scale-up domains in both copper and optical-based interconnects. Customer engagement on MI500 is very strong with multiple customers working closely with us as they plan their next-generation AI infrastructure. We expect MI500 to deliver the largest generational leap in instinct history putting us on track to increase inferencing performance more than 2,000 times in just 4 years. Turning to our AI software stack.

ROCm has reached an important inflection point with the performance, capabilities and developer experience customers need to deploy AI in production at scale. The breadth of the ecosystem also continues to expand. More than 3 million models now run out of the box on AMD, the leading open models launched with day 0 support for Instinct and open source contributions to ROCm have increased more than tenfold over the past year. We introduced ROCm.ai, our new AI-assisted development platform for AMD GPUs last month. ROCm.ai let developers use today's leading coding agents, including Claude, Codex and Cursor to create, port and optimize code for Instinct, making it significantly faster and easier to bring new models and workloads to AMD.

ROCm.ai delivers more than twice the training performance and won 3x the inferencing performance of ROCm 7 across a broad range of models. We are also working closely with the leading AI labs, including OpenAI, Anthropic, Meta and others to co-optimize ROCm for their models with the improvements benefiting the entire AMD ecosystem. Taking a step back, the overall data center market opportunity is expanding far more rapidly than we projected just 6 months ago. As AI moves into production across a broader range of applications and workloads demand for both accelerators and CPUs is growing well above our prior expectations.

We now expect the data center AI accelerator market to grow more than 45% annually to approximately $1.4 trillion by 2030. And we expect the server CPU market to grow more than 50% annually to approximately $220 billion by 2030. For AMD, this larger opportunity, combined with the strength of our portfolio and growing customer visibility is creating a steeper growth trajectory for our data center business. In data center AI, the growing number and scale of Helios and MI450 Series Instinct deployments position the business for significant growth in the second half of the year with growth accelerating in 2027.

In server CPUs with very strong customer demand and improved supply, we now expect server revenue to grow more than 80% year-over-year in the second half of 2026 and more than 70% for the full year 2027, off a much higher base. Taken together, we now expect data center segment revenue to more than double year-over-year in 2027. Turning to Client and Gaming. Segment revenue grew 6% year-over-year to $3.8 billion. In client, revenue increased 23% year-over-year to $3.1 billion, driven by record mobile processor revenue and continued share gains.

Commercial adoption continued to expand in the quarter, with Ryzen Pro sales growing more than 50% year-over-year as we close new wins with large health care, technology, automotive, and financial services companies. To build on this momentum, Dell, HP, Lenovo, Asus and others launched a broad portfolio of new commercial PCs powered by our latest generation Ryzen AI Pro 400 series processors. Demand was also strong for our Ryzen AI Halo developer systems, which went on sale in the quarter. In July, we introduced our next-generation Ryzen AI Halo platform powered by our new Gorgon Halo processor, featuring an industry-leading 192 gigabytes of unified memory and can run models with up to 300 billion parameters.

And to make it even easier for developers to build and test large AI models locally, we are partnering with Hugging Face to include 1 year of Hugging Face Pro with every Ryzen AI Halo system beginning later this year. Looking to the second half of the year, we are planning for a softer PC market as higher memory and component costs weigh on demand. Against this backdrop, we expect our client business to perform better than the market, driven by the strength of our Ryzen portfolio and growing commercial adoption. In gaming, revenue declined 31% year-over-year to $779 million, primarily due to lower semi-custom sales at this stage of the console cycle.

Gaming graphics revenue also declined year-over-year as higher industry-wide component costs contributed to higher graphics card prices and weighed on overall demand. Turning to our Embedded segment. Revenue increased 19% year-over-year to $977 million, our strongest growth in more than 3 years. Demand was broad-based with strength across networking, aerospace and defense, test measurement and emulation and communication customers. Our embedded x86 business grew significantly in the quarter as hyperscalers and networking customers increasingly adopted our CPUs to power critical networking and control plane functions in the data center. We also continued to expand our portfolio, introducing Ryzen AI embedded x100 processors for demanding real-time edge AI workloads and the Kria AI robotics platform for physical AI.

Looking more broadly, the strategy we have been executing over the last few years is now delivering strong results. Embedded x86 is becoming a significant growth driver for the segment. Our overall embedded portfolio is outgrowing the market and gaining share, and our embedded semi-custom engagements are expanding. Design win momentum also remains very strong. We are tracking towards another record year with more than $18 billion of new design wins, led by major wins with networking, data center, communications, tests, and aerospace and defense customers. In summary, we delivered record revenue and profitability in the second quarter, reflecting our strong execution and the growing adoption of our leadership products.

We entered the second half with strong momentum across our businesses. With Venice and MI455X now in production, initial Helios shipments set to begin this quarter, Ryzen Pro CPUs driving continued commercial share gains and our embedded segment returning to strong year-over-year growth. More than a decade of focused investment has given us the strongest and broadest product portfolio in the industry, deep strategic relationships with the companies driving the future of computing and a proven ability to deliver multi-generation road maps and ramp complex products at scale. At the same time, AI is driving demand for dramatically more compute across all of our markets.

We now see the overall market for high performance in AI computing growing approximately 40% annually over the next several years, approaching $2 trillion by 2030, and we expect to grow well above the market. As a result, we are tracking materially ahead of the long-term financial model we shared at our Financial Analyst Day last November. We now expect revenue to grow substantially above our prior target of greater than 35%, and we expect to significantly exceed our $20 annual EPS target within our strategic timeframe. We are still in the early innings of a multiyear AI adoption cycle and the opportunity ahead is enormous.

We are exceptionally well positioned to capitalize on this opportunity and deliver significant growth in the coming years. Now I will turn the call over to Jean to provide additional color on our second quarter results. Jean?

Jean Hu: Thank you, Lisa, and good afternoon, everyone. I'll start with a review of our second quarter financial results and then provide our current outlook for the third quarter of fiscal 2026. We had an outstanding second quarter, marking our sixth consecutive quarter of greater than 30% year-over-year revenue growth. Revenue increased 50% year-over-year and 13% sequentially to a record $11.5 billion, driven by continued momentum across our businesses. Importantly, data center accounted for approximately 58% of total revenue, underscoring the continued shift in our business mix and its increasing contribution to AMD's growth. On comparable basis, diluted earnings per share increased approximately 82% year-over-year, significantly outpacing our revenue growth and demonstrating our earnings power as we scale our business.

Source: https://www.fool.com/earnings/call-transcripts/2026/08/11/amd-amd-q2-2026-earnings-call-transcript/?.tsrc=rss