Advanced Micro Devices, Inc.

The grade, in three tenses

Headline 6.9 out of ten, 9 of 9 metrics filed: past 7.1 out of ten, present 6.8 out of ten, future 6.6 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 7.9 out of ten. +26.1% a year over 10 filed years; profitable in 8 of 10. 79th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 4.7 out of ten. Share count grew 1.4% a year. 25% of cash flow returned. Insiders: 219 sales, 0 purchases. 47th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 6.7 out of ten. ROE 7%: 7¢ of profit per shareholder dollar. Leverage 18%: owes 18¢ per asset dollar. 66th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 8.0 out of ten. top 20% of 97 in its family; net margin 12.5%. 80th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.6 out of ten. top 44% of 66 in its family for leadership; chief executive since 2015. 56th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.1 out of ten. top 39% of 94 in its family for room to expand. 61st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.8 out of ten. top 32% of 93 in its family for growth drivers. 68th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 7.5 out of ten. top 25% of 88 in its family for expectations against reality. 75th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-04 for the period ended 2025-12-27 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-27 (on EDGAR). Newest results release: Form 8-K filed 2026-08-04 (on EDGAR). Newest filing: Form 8-K, 2026-09-28. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-04.

The people

Lisa T. Su has been president and chief executive of AMD and a director since October 2014, and chair of the board since February 2022. She joined in January 2012 as senior vice president and general manager of global business units and served as chief operating officer before taking the top job. Before AMD she ran networking and multimedia at Freescale Semiconductor and held senior technical and business roles at IBM, including vice president of semiconductor research and development, after starting her career at Texas Instruments. [1, 2]

Her team mixes long-serving engineers with recent hires. Mark Papermaster joined as chief technology officer in October 2011 from Cisco, where he led silicon engineering, after running devices hardware engineering at Apple; he led development of the Zen processor family. Forrest Norrod joined in November 2014 after running Dell's server business and has led the data center business group since January 2023. Jack Huynh, with AMD since 1998, has run the computing and graphics group since April 2023. Jean Hu became chief financial officer in January 2023 after holding the same job at Marvell Technology from August 2016. Philip Guido, chief commercial officer since June 2023, came from a more than 30-year career at IBM; Paul Grasby, with AMD since 2007, became chief sales officer in January 2025; and Ava Hahn has been general counsel since January 2024. [3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16]

Every director except Su is independent. Nora M. Denzel, a director since March 2014, has been lead independent director since November 2022. The insider record shows a board with long tenure: Denzel and Joseph A. Householder have filed as directors since 2014, John W. Marren and Abhijit Y. Talwalkar since 2017, Michael P. Gregoire since 2019 and Elizabeth W. Vanderslice since 2022, while KC McClure first filed in January 2026 and Timothy Ryan in August 2026. The 2026 proxy statement says Jon A. Olson would retire from the board after the annual meeting. [17, 18, 19, 20]

AMD had approximately 31,000 employees at the end of its 2025 fiscal year. It does its product research and development in the United States, with design and engineering teams in other countries working at the direction of its US headquarters. A restructuring plan in the fourth quarter of 2024 cut the global workforce by about 4%; in 2025 research and development spending rose 25% to $8.1 billion, mainly on more engineers for its AI strategy. [21, 22, 23, 24]

How it operates

AMD designs processors and sells them under its own brands. For data centers it sells EPYC server processors, Instinct GPU accelerators for AI, Pensando networking chips and FPGAs, chips whose circuits customers can reconfigure after purchase. For PCs it sells Ryzen processors, chipsets and Radeon graphics cards, and it designs semi-custom chips for game consoles, among them the Sony PlayStation 5 and the Microsoft Xbox Series S and X. Its embedded processors and adaptive chips go into aerospace and defense, cars, factories, healthcare and communications equipment. It also writes the software that runs on them, including the ROCm platform for AI training and inference. [25, 26, 27, 28, 29, 30, 31]

Its data center chips go mainly to hyperscale data centers, the largest cloud operators, and to server makers (OEMs), contract designers and manufacturers (ODMs), system integrators and distributors; its PC chips go to PC makers, distributors and motherboard makers. No customer took 10% of revenue in 2025 or 2024, whereas in 2023 one Client and Gaming customer took 18%. Customers usually buy on purchase orders against their own forecasts, without minimum commitments. In October 2025 AMD signed a product purchase agreement with OpenAI to deploy 6 gigawatts of AMD GPUs, the first gigawatt on its Instinct MI450 series, and issued OpenAI a warrant for up to 160 million AMD shares that vests in tranches as OpenAI's GPU purchases reach milestones, among other conditions; none had vested by year end. [32, 33, 34, 35, 36, 37, 38]

By the customer's billing location, the United States brought in 11.4 billion dollars, 32.8% of 2025 revenue; China 7.8 billion, 22.4%; Taiwan 5.2 billion, 15.0%, up 57.1%; Singapore 4.3 billion, 12.4%; and other countries 6.1 billion, 17.5%. International sales were 67% of revenue, and substantially all sales are in US dollars. [39, 40, 41]

AMD is fabless, meaning it designs chips and hires others to make them. TSMC makes all of its processor and GPU wafers at 7 nanometers or smaller and the wafers for its FPGAs and adaptive chips; GLOBALFOUNDRIES makes most of those on larger processes, under a wafer supply agreement that sets a minimum annual capacity allocation and pricing through 2026; UMC and Samsung also make programmable logic chips. Packaging and testing happen at partners in Asia: two joint ventures with Tongfu Microelectronics, Siliconware Precision Industries (SPIL) and King Yuan Electronics (KYEC), and nearly all final assembly and testing is done in China, Malaysia and Taiwan. At year end it had unconditional commitments of about $12.2 billion, $8.5 billion of them due in 2026, mainly for wafers, substrates and multi-year cloud services. [42, 43, 44, 45, 46, 47]

The specifics

AMD was incorporated in Delaware on May 1, 1969 as a Silicon Valley start-up and became a public company in 1972. It acquired Xilinx under a merger agreement dated October 26, 2020, and today sells FPGAs and adaptive chips under the Virtex, Kintex, Artix, Spartan, Zynq and Versal names. In March 2025 it bought ZT Systems for $3.2 billion in cash and 8.3 million shares, kept its design team and intellectual property to build complete AI systems for the cloud, and in October 2025 sold ZT's manufacturing business to Sanmina for $2.4 billion in cash plus 1.2 million Sanmina shares, naming Sanmina its preferred manufacturing partner for complex AI systems. [48, 49, 50, 51, 52, 53, 54]

It protects its designs with about 7,200 US patents and about 2,200 pending US applications, some 18,900 patent matters worldwide, and with the cross-licensing agreements common in the industry. By its own account it was the first company to put a dedicated neural processing unit (NPU), a block of circuitry for AI, on the same chip as an x86 processor for PCs. It is moving from chips to whole systems: its Helios rack-scale platform combines its CPUs, GPUs and networking, and its AI GPU roadmap promises a new Instinct generation every year, beginning with the MI350 series in 2025. [55, 56, 57, 58, 59]

It names its competitors. In data centers it competes mainly with Intel and Nvidia across processors, GPUs and networking, with Altera in FPGAs, and with some of its own customers designing their own data center chips. In PCs its main rival is Intel, with Arm-based chips a growing alternative; in graphics it faces Nvidia, which it calls the discrete GPU market share leader, and Intel. In embedded markets it names Altera, Lattice Semiconductor and Microsemi in FPGAs and Broadcom, Marvell, Analog Devices, Texas Instruments, NXP, Qualcomm and NVIDIA among makers of application-specific chips. It says it leads in semi-custom game console chips. [60, 61, 62, 63]

Export rules weigh on its China business. Since October 2023, US rules have required a license to ship certain Instinct GPUs and Versal FPGAs to China and other listed countries. A new license requirement in April 2025 hit its MI308 GPUs, costing about $800 million in inventory and related charges in the second quarter; after it was granted licenses for some China-based customers, it began shipping in the fourth quarter and reversed about $360 million, leaving about $440 million of net charges for the year. US officials have said they expect the government to receive 15% of revenue from licensed MI308 sales to China, though no regulation requires it so far. [64, 65, 66, 67]

What drives growth, line by line

Data Center. The largest segment: $16,635 million in 2025, nearly half of revenue, up 32% from $12,579 million. The filing credits strong demand for EPYC server processors and Instinct GPU accelerators, above all the MI350X series deployed by large hyperscale customers, OEMs and ODMs. Operating income rose only to $3.6 billion from $3.5 billion, held back by higher costs and operating expenses and by about $440 million of net charges from the MI308 export restriction. [68, 69, 70, 71]

Client. PC processors brought in $10,640 million, up 51% from $7,054 million, on a 31% rise in processor units shipped and a 15% higher average selling price, reflecting strong demand for Ryzen desktop and mobile processors. [68, 72]

Gaming. $3,910 million, up 51% from $2,595 million, on higher semi-custom revenue from game console chips and strong demand for Radeon gaming GPUs, among them the Radeon RX 9000 series released in 2025. Together, Client and Gaming earned operating income of $2.9 billion, against $1.2 billion in 2024. [68, 73, 74, 75]

Embedded. $3,454 million, down 3% from $3,557 million, as demand in certain end markets remained mixed; operating income fell to $1.2 billion from $1.4 billion. The company added three EPYC Embedded processor series in 2025. [68, 76, 77, 78]

Altogether revenue rose 34% to $34.6 billion from $25.8 billion. Gross margin, the share of revenue left after the cost of the chips, rose to 50% from 49% on product mix despite the export charges, and net income reached 4.3 billion dollars against 1.6 billion in 2024, helped by an $853 million tax benefit. Outside the segments sit $2.3 billion of amortization of past acquisitions and $1.6 billion of stock-based pay. [79, 80, 81, 82, 83]

What comes next, in the company's own words: an annual cadence of new Instinct AI accelerators; the first gigawatt of the OpenAI deployment powered by the Instinct MI450 series; the Helios rack-scale platform built from its CPUs, GPUs and networking; and, for PCs, the Ryzen AI 400 series launched in January 2026. [59, 36, 58, 84]

What the desk infers (inferred, not filed)

• The Client and Gaming customer that took 18% of revenue in 2023 was most likely a game console maker buying semi-custom chips, and its drop below 10% reflects AMD outgrowing console chips rather than the loss of that customer. Because: One Client and Gaming customer took 18% of revenue in 2023, and no customer reached 10% in 2024 or 2025. [33] AMD's semi-custom chips power the Sony PlayStation 5 and the Microsoft Xbox Series S and X, and certain customers pay engineering fees for such custom designs as well as for the chips. [29, 85] Gaming revenue still rose 51% in 2025 on higher semi-custom revenue, so console chip sales did not collapse. [73] Total revenue grew from 22.7 billion dollars in 2023 to 34.6 billion in 2025, led by data center chips. [83] Confidence 55 of 100. Wrong if: A filing naming the 2023 customer as a PC maker, a distributor or a data center buyer rather than a console maker.
• In 2025 the AI accelerator push cost the Data Center segment its margin growth: revenue rose by about a third while operating income barely moved, pointing to Instinct GPUs carrying heavier costs than the server processors they joined. Because: Data Center revenue rose from $12,579 million to $16,635 million, while its operating income went from $3.5 billion to only $3.6 billion. [68, 71] About $440 million of net MI308 export charges landed in the segment's costs. [71, 67] Research and development rose 25%, mainly on more engineers for the AI strategy, and inventory rose $2.2 billion to support the ramp of Data Center products on advanced processes. [24, 86] Client and Gaming, with a smaller revenue gain, more than doubled its operating income. [68, 75] Confidence 55 of 100. Wrong if: Segment disclosures showing Instinct GPU operating margins at or above those of EPYC server processors in 2025.
• The products behind 2025's growth, EPYC, Instinct and Ryzen, most likely all come from one foundry, TSMC in Taiwan, which makes the company far more dependent on TSMC than its list of four foundries suggests. Because: TSMC makes all of AMD's processor and GPU wafers at 7 nanometers or smaller, while GLOBALFOUNDRIES's share of processor wafers is limited to the 12 nm and 14 nm nodes. [42, 43] Inventory rose $2.2 billion mainly to support the ramp of Data Center products on advanced process nodes. [86] The filing warns that changes between China and Taiwan could disrupt its Taiwan-based foundries and subcontractors. [87] Confidence 75 of 100. Wrong if: A filing showing that EPYC, Instinct or Ryzen processors are made in volume at a foundry other than TSMC.

Sources

1. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Dr. Lisa T. Su has served as AMD’s President and Chief Executive Officer and a member of the Board since October 2014. She has served as Chair of the Board since February 2022.”
2. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Dr. Su joined AMD in January 2012 as Senior Vice President and General Manager of Global Business Units and served as Chief Operating Officer before being named President and Chief Executive Officer in 2014. Prior to AMD, Dr. Su served as Senior Vice President and General Manager of Networking and Multimedia at Freescale Semiconductor, Inc. (a semiconductor manufacturing company) and previously held senior technical and business leadership roles at IBM, including Vice President of Semiconductor Research and Development. Earlier in her career, she was a member of the technical staff at Texas Instruments Incorporated.”
3. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Before joining AMD in October 2011 as our Chief Technology Officer and Senior Vice President, Mr. Papermaster was the leader of Cisco Systems, Inc.’s Silicon Engineering Group, the organization responsible for silicon strategy, architecture, and development for the company’s switching and routing businesses. In prior roles, Mr. Papermaster served as Apple, Inc.’s Senior Vice President of Devices Hardware Engineering, where he was responsible for iPod and iPhone hardware development.”
4. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “He led the re-design of engineering processes at AMD and the development of the award-winning “Zen” high-performance x86 CPU family, high-performance GPUs and our modular design approach, Infinity Architecture.”
5. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Norrod has been our Executive Vice President and General Manager of the Data Center Solutions Business Group since January 2023. In this role, he is responsible for managing all aspects of strategy, business management and engineering for AMD data center products. Mr. Norrod joined AMD in November 2014.”
6. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Norrod was Vice President and General Manager of Dell Inc.’s (Dell) server business from December 2009 to October 2014”
7. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Huynh has been our Senior Vice President and General Manager of the Computing and Graphics Group since April 2023.”
8. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Since joining AMD in 1998, Mr. Huynh has spanned a breadth of businesses and technologies”
9. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Ms. Hu has been our Executive Vice President, Chief Financial Officer and Treasurer of AMD, responsible for the Company’s financial planning and strategy, since January 2023.”
10. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Prior to AMD, Ms. Hu served as Chief Financial Officer of Marvell Technology, Inc. (Marvell) from August 2016 to January 2023”
11. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Guido has been our Executive Vice President and Chief Commercial Officer leading the Company’s Worldwide Sales Organization since June 2023.”
12. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “He held multiple leadership roles at IBM during his more than 30-year tenure with the company”
13. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Grasby has been our Executive Vice President, Chief Sales Officer and President EMEA since January 2025.”
14. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Since Mr. Grasby joined AMD in 2007, he has held several leadership roles focused on sales and marketing”
15. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Ms. Hahn has been our Senior Vice President, General Counsel and Corporate Secretary since January 2024.”
16. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Papermaster has been our Executive Vice President and Chief Technology Officer, Technology and Engineering, responsible for technical direction and product development since January 2019.”
17. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Nora M. Denzel Director since March 2014 and Lead Independent Director since November 2022”
18. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “The Board consists entirely of independent directors, other than Dr. Su, and continues to exercise a strong, independent oversight function”
19. Advanced Micro Devices, Inc., Form DEF 14A filed 2026-03-27: “Mr. Jon A. Olson, currently a member of the Board, is not being nominated for re-election and after the Annual Meeting he will retire from our Board.”
20. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
21. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “As of December 27, 2025, we had approximately 31,000 employees in our global workforce.”
22. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We conduct product and system R&D activities for our products in the United States with additional design and development engineering teams located in various countries who undertake specific activities at the direction of our U.S. headquarters.”
23. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In the fourth quarter of 2024, the Company implemented a restructuring plan (the 2024 Restructuring Plan) which reduced the global workforce by approximately 4% of headcount.”
24. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Research and development expenses of $8.1 billion in 2025 increased by $1.6 billion, or 25%, compared to $6.5 billion in 2024. The increase was primarily due to higher employee-related costs from an increase in headcount in support of our continued focus on our AI strategy.”
25. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “the Data Center segment, which primarily includes AI accelerators, CPUs for servers, GPUs, APUs, DPUs, AI NICs, FPGAs and SoC products for data centers”
26. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Server CPUs. Our CPUs for server platforms currently include the AMD EPYC™ Series processors.”
27. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our FPGA products are hardware-customizable devices that can be tailored to meet the specific needs of each customer”
28. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “the Client and Gaming segment, which primarily includes CPUs, APUs, chipsets for desktops and notebooks, discrete GPUs, and semi-custom SoC products and development services; and”
29. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “AMD semi-custom SoC products power the Sony PlayStation® 5, the Microsoft® Xbox Series S™ and X™ game consoles, as well as the recently revealed Valve Steam Machine PC.”
30. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Embedded products address computing needs in aerospace and defense, automotive, industrial, vision and healthcare, communications infrastructure, test and measurement, emulation and prototyping, audio, video and broadcasting, and data center.”
31. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We continue to invest in software capabilities and the open ecosystem through the AMD ROCm™ platform, delivering new features for high-performance AI training and inference.”
32. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our Data Center Segment customers consist primarily of hyperscale data centers, original equipment manufacturers (OEMs), original design manufacturers (ODMs), system integrators and independent distributors in both domestic and international markets.”
33. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “No customer accounted for at least 10% of the Company’s consolidated net revenue in fiscal years 2025 and 2024. One Client and Gaming segment customer accounted for 18% of consolidated net revenue in fiscal year 2023.”
34. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our Client and Gaming Segment customers consist primarily of PC OEMs, a network of independent distributors and, for chipset products, ODMs that manufacture motherboards.”
35. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our sales arrangements generally operate on the basis of product forecasts provided by the particular customer, but do not typically include any commitment or requirement for minimum product purchases.”
36. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In October 2025, we entered into a product purchase agreement with OpenAI OpCo, LLC, (OpenAI) to deploy 6 gigawatts of AMD GPUs, with the deployment of the first gigawatt of capacity powered by our AMD Instinct MI450 series products.”
37. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Concurrent with the agreement, we issued to OpenAI a warrant to purchase up to an aggregate of 160 million shares of AMD’s common stock”
38. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “The warrant shares will vest in tranches based on certain AMD Instinct GPU purchase milestones by OpenAI, or its affiliates, or indirectly through third parties”
39. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
40. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “The following table summarizes sales to external customers by geographic regions based on billing location of the customer”
41. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “International sales as a percentage of net revenue were 67% in 2025 and 66% in 2024. We expect that international sales will continue to be a significant portion of total sales in the foreseeable future. Substantially all of our sales transactions are denominated in U.S. dollars.”
42. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We utilize third-party wafer foundries to fabricate the silicon wafers for all of our products. We rely on Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of all wafers for microprocessor and GPU products at 7 nanometer (nm) or smaller nodes, and we rely primarily on GLOBALFOUNDRIES Inc. (GF) for wafers for microprocessor and GPU products manufactured at process nodes larger than 7 nm.”
43. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We utilize Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of wafers for our HPC, FPGA and adaptive SoC products and GLOBALFOUNDRIES Inc. (GF), with respect to wafer purchases for our HPC products at the 12 nm and 14 nm technology nodes. Additionally, we utilize TSMC, United Microelectronics Corporation (UMC) and Samsung Electronics Co., Ltd. for the production of our ICs in the form of programmable logic devices.”
44. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We are party to a wafer supply agreement with GF where GF will provide a minimum annual capacity allocation to us and set pricing through 2026.”
45. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We are party to two ATMP joint ventures (collectively, the ATMP JVs) with Tongfu Microelectronics Co., Ltd. The ATMP JVs, Siliconware Precision Industries Ltd. (SPIL) and King Yuan Electronics Company (KYEC) provide ATMP services for our products.”
46. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Nearly all product assembly and final testing of our products is performed at third-party operated manufacturing facilities, in China, Malaysia and Taiwan.”
47. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “As of December 27, 2025, we had unconditional commitments of approximately $12.2 billion, of which $8.5 billion are in fiscal year 2026. Our contractual obligations and purchase commitments relate primarily to our obligations to purchase wafers and substrates from third parties and future payments related to multi-year cloud service provider arrangements, and certain software and technology licenses.”
48. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “AMD was incorporated under the laws of Delaware on May 1, 1969 and became a publicly held company in 1972.”
49. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Founded in 1969 as a Silicon Valley start-up, the AMD journey began with dozens of employees focused on leading-edge semiconductor products.”
50. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Agreement and Plan of Merger by and among Advanced Micro Devices, Inc., Thrones Merger Sub, Inc., and Xilinx, Inc. dated October 26, 2020”
51. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Devices include the Virtex™, Kintex™, Artix™, and Spartan™ FPGA products, as well as Zynq™ and Versal™ adaptive SoCs.”
52. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In March 2025, we completed the acquisition of ZT Systems for $3.2 billion in cash and 8.3 million shares of our common stock. We retained select intellectual property and employees associated with the design operations (ZT Design Business), and in October 2025, we sold the ZT data center infrastructure manufacturing business (ZT Manufacturing Business) to Sanmina Corporation (Sanmina) for $2.4 billion in cash, subject to certain purchase price adjustments, and 1.2 million shares of Sanmina common stock.”
53. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Sanmina will also be our preferred partner for manufacturing capabilities in building complex AI solutions.”
54. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “This acquisition enables us to deliver end-to-end AI solutions and accelerate the design and deployment of AMD-powered AI infrastructure at scale optimized for the cloud.”
55. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “As of December 27, 2025, we had approximately 7,200 patents in the United States and approximately 2,200 patent applications pending in the United States.”
56. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Including United States and foreign matters, we have approximately 18,900 patent matters worldwide consisting of approximately 12,600 issued patents and 6,300 patent applications pending.”
57. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “AMD was the first company to integrate a dedicated neural processing unit (NPU) on the same SoC as an x86 CPU for AI PCs.”
58. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In addition, we previewed our “Helios” AI rack-scale platform solution that incorporates all of our data center products (CPUs, GPUs and Networking) to address the growing AI compute requirements.”
59. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We advanced our AMD AI GPU roadmap to deliver an annual cadence of leadership for AMD Instinct solutions, beginning with the AMD Instinct MI350 Series GPUs in 2025.”
60. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In the Data Center segment, we compete primarily against Intel Corporation (Intel) and Nvidia Corporation (Nvidia with our CPU, GPU DPU and AI NIC server products. In addition, we compete against Altera with our FPGA and adaptive SoC server products. A variety of smaller fabless silicon companies offer proprietary accelerator solutions and Arm®-based CPUs targeting data center use cases. In addition, some of our customers are internally developing their own data center microprocessor products and accelerator products which could impact the available market for our products.”
61. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our primary competitor in the supply of CPUs and APUs is Intel. A variety of companies provide or have developed Arm-based microprocessors and platforms which could lead to further adoption of Arm-based PC solutions.”
62. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our principal competitor in the supply of discrete graphics is Nvidia, who is the discrete GPU market share leader, and Intel, who manufactures and sells integrated graphics processors and gaming-focused discrete GPUs.”
63. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “We expect continued competition from our primary FPGA competitors such as Altera, Lattice Semiconductor Corporation and Microsemi Corporation, and from ASSP vendors such as Broadcom Corporation, Marvell Technology Group, Ltd., Analog Devices, Texas Instruments Incorporated, NXP Semiconductors N.V., Qualcomm Incorporated and NVIDIA.”
64. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In October 2023, the Bureau of Industry and Security (BIS) of the United States Department of Commerce issued requirements for the export of certain advanced computing items to a party headquartered in, or with an ultimate parent headquartered in, any of Country Groups D1, D4 or D5, including China (a D5 Country). These controls prevent us from shipping certain AMD Instinct™ integrated circuits and certain AMD Versal™ FPGAs to China”
65. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “During the second quarter of fiscal year 2025, the Company recorded approximately $800 million of inventory and related charges on AMD Instinct MI308 Data Center GPU products due to new U.S. export restrictions on certain semiconductors to China. We applied for and were granted some licenses by the U.S. government that allow us to ship MI308 products to certain China-based customers. During the fourth quarter of fiscal year 2025, we began shipping products and reversed approximately $360 million of the inventory and related charges recorded earlier in the year.”
66. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “U.S. government officials have expressed an expectation that the U.S. government will receive 15% of the revenue generated from licensed MI308 sales to China; however, to date, the U.S. government has not published a regulation establishing such requirement.”
67. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “During the year ended December 27, 2025, the Company recorded approximately $440 million of net inventory and related charges associated with the U.S. government export control on AMD Instinct™ MI308 Data Center GPU products in Cost of sales.”
68. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Net revenue: Data Center $ 16,635 $ 12,579 Client and Gaming Client 10,640 7,054 Gaming 3,910 2,595 Total Client and Gaming 14,550 9,649 Embedded 3,454 3,557 Total net revenue $ 34,639 $ 25,785”
69. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Data Center net revenue of $16.6 billion in 2025 increased by 32%, compared to net revenue of $12.6 billion in 2024. The increase was primarily driven by strong demand for our AMD EPYC™ processors and AMD Instinct™ GPU accelerators.”
70. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Demand for our data center AI GPU products was strong as large hyperscale customers, OEMs and ODMs deployed our AMD Instinct MI350X Series GPUs.”
71. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Data Center operating income was $3.6 billion in 2025, compared to operating income of $3.5 billion in 2024. The increase in operating income was primarily due to higher revenue, partially offset by higher cost of sales, approximately $440 million of net inventory and related charges associated with the U.S. government export control on AMD Instinct™ MI308 Data Center GPU products and higher operating expenses.”
72. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Client net revenue of $10.6 billion in 2025 increased by 51%, compared to net revenue of $7.1 billion in 2024, primarily driven by a 31% increase in unit shipments of processors and a 15% increase in average selling price of processors, reflecting strong demand for AMD desktop and mobile Ryzen processors.”
73. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Gaming net revenue of $3.9 billion in 2025 increased by 51%, compared to net revenue of $2.6 billion in 2024. The increase was primarily driven by higher semi-custom revenue and strong demand of our Radeon™ gaming GPUs.”
74. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In 2025, we released our Radeon RX 9000 Series graphics cards, based on a new AMD RDNA™ 4 architecture”
75. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Client and Gaming operating income was $2.9 billion in 2025, compared to operating income of $1.2 billion in 2024.”
76. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Embedded net revenue of $3.5 billion in 2025 decreased by 3%, compared to net revenue of $3.6 billion in 2024. Net revenue decreased as certain end market demand remained mixed.”
77. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Embedded operating income was $1.2 billion in 2025, compared to operating income of $1.4 billion in 2024.”
78. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Our x86 Embedded portfolio continued to expand in 2025 with the introduction of three new AMD EPYC embedded processor series”
79. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In 2025, we delivered strong annual revenue growth with net revenue increasing 34% to $34.6 billion, compared to $25.8 billion in 2024.”
80. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Gross margin of 50% increased by 1% compared to 49% in 2024, primarily due to product mix partially offset by approximately $440 million of net inventory and related charges associated with the U.S. government export control on AMD Instinct™ MI308 Data Center GPU products.”
81. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “The decrease in income tax provision in 2025 was primarily driven by an $853 million benefit related to the release of uncertain tax positions”
82. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “All Other operating loss of $4.0 billion in 2025 primarily consisted of $2.3 billion of amortization of acquisition-related intangibles and $1.6 billion of stock-based compensation expense.”
83. The record on this page: the filed annual figures (EDGAR's company facts)
84. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “In January 2026, we launched our Ryzen AI 400 series processors, the next generation of processors for AI PCs.”
85. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “Certain customers pay us non-recurring engineering fees for design and development services and a purchase price for the resulting products.”
86. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “The primary drivers of the changes in operating assets and liabilities included a $2.2 billion increase in inventory primarily to support the continued ramp of Data Center products in advanced process technology nodes.”
87. Advanced Micro Devices, Inc., Form 10-K filed 2026-02-04: “geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, manufacturing facilities and subcontractors”

Where the revenue comes from

By geography: United States 33%, China 22%, Other Countries 18%, Taiwan 15%, Singapore 12%. As tagged in its annual report (Form 10-K, filed 2026-02-04).

Who runs it

Su, Lisa T (Chair, President & CEO); Hu, Jean X. (EVP, CFO and Treasurer); Papermaster, Mark D (Chief Technology Officer & EVP); Guido, Philip (EVP & Chief Commercial Officer); Norrod, Forrest Eugene (EVP & GM DSG); Hahn, Ava (SVP, GC & Corporate Secretary); Grasby, Paul Darren (EVP & CSO); Huynh, Jack M (SVP & GM, Computing & Graphics); Ryan, Timothy (director); Vanderslice, Elizabeth W (director); and 7 more. 17 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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