6 August 2025
“AMD delivered a solid set of results, though they fell slightly short of the market’s lofty expectations after a strong run this year. There was a small sell-off overnight, but with the stock already up 44% year-to-date and nearly 80% over the past three months, some cooling off is to be expected.
“Revenues rose 32% year-on-year, coming in 2% ahead of expectations, with performance in the data centre, gaming, and PC segments largely in line. The real focus is on the data centre business, where AMD is guiding for 28% revenue growth – about 5% above consensus – even with no contribution from China following export restrictions.
“AMD’s roadmap continues to impress. The recent MI350 launch builds on its AI acceleration efforts, with the MI400 series slated for 2026. It’s also making steady progress on its software stack, which is key to deepening adoption. AMD continues to take CPU market share from Intel and is growing at a similar rate to Nvidia.
“Momentum is underpinned by surging hyperscale capex and demand from sovereign-backed AI investment, including from the likes of Saudi Arabia. AMD is increasingly well positioned to capitalise on the structural growth in AI and data infrastructure.”
