𝗟𝗲𝘁’𝘀 𝗖𝗼𝗻𝗻𝗲𝗰𝘁 𝗮𝘁 𝗔𝗠𝗗 𝗶𝗻 𝗗𝗲𝗽𝘁𝗵 𝟮𝟬𝟮𝟲 AI is reshaping data center compute, and demand for the processors that power it is accelerating fast. What does the next era of compute look like for hyperscalers, enterprises and the broader server ecosystem? Our Associate Directors, Brady Wang (@BradyWang10) and David Naranjo (@DSCCDave), will be on-site at @AMD in Depth: EPYC Leadership in the AI Era to connect with industry leaders and discuss the trends shaping AI infrastructure and server CPUs. 𝗗𝗮𝘁𝗲: November 4–5, 2026 𝗣𝗹𝗮𝗰𝗲: Las Vegas, NV Connect with our team to discuss the future of AI compute. Email info@counterpointresearch.com to schedule a meeting. #AMDInDepth# #AMD# #EPYC# #AI# #DataCenter# #AIInfrastructure# #ServerCPU# $AMD

Summary of AMD (AMD US) – Earnings Preview
 • Expect inline 3Q results but near-term guidance of ~$17.6b vs. Bloomberg $16.5b, buy side $18b
• bullish on 2027 datacenter: well over 100% YoY growth driven by agentic AI
• EPS revised -5% / +15% for 2026E/2027E on sales of $103b in 2027
• New TP $720 based on 40x 2027E EPS (implies 28x 2028E) Earnings preview 
• 3Q26 rev: $13.3bn (includes ~1 month of MI450)
• 4Q26 rev: $17.6bn (above Bloomberg, below aggressive buy-side) 
• Helios rack shipments started, but volume ramp mostly 1Q27
• Server CPU revenue: +100% YoY in 2027, +50% in 2028
• Higher 2nm wafer allocation + strong Venice yields (CoWoS 97-99% from ASE)
• Venice shipments >5mn units in 2027 → higher blended ASE)
• MI450/455X On schedule, but limited volume by end-2026 (weight/switching constraints)
• Meaningful ramp of racks in 1Q27 → >20k racks expected in 2027
• Multi-GW agreements supporting the ramp #AMD# #AI# #ServerCPU# #MI450# #Helios# #EarningsPreview#

Server CPU shipments are forecast to increase 31% YoY in 2026, accelerating to more than 40% growth in 2027 fueled by growth in inference workloads and increased agentic AI adoption, per TrendForce. $NVDA $AMD $INTC $ARM

$INTC: Server CPU pricing adds another lever to revenue growth Morgan Stanley’s October 26 weekly says Intel is ramping server supply while raising like-for-like prices by double digits for more transactional customers. That is distinct from Intel’s 48% year-over-year server ASP increase in Q2, which was driven mainly by premium-product mix. Those premium products also carried higher unit costs. Xeon 6 combines Intel 3 compute dies with Intel 7 I/O dies through EMIB packaging. Increasing compute-wafer output alone does not guarantee an equivalent increase in finished CPUs: the I/O dies, packaging and testing must scale together. Server buyers also need validated memory, firmware and I/O configurations, making substitution more involved than simply choosing another processor with the same core count. This is bullish for Intel’s server business. Higher prices on comparable CPUs point to improving pricing power rather than growth driven only by more expensive models. Combined with expanding supply, that strengthens the case for server revenue and earnings growth. $ARM $AMD $INTC

"A server DRAM shortage is already anticipated for 2027." "Initial estimates predict that total RDIMM bit supply will grow by only 15–20% YoY, significantly LAGGING the projected growth in server CPU shipments." $MU $SKHY $DRAM

$AMD sees the server CPU market growing about 50% a year over the next three to four years, to roughly $220 billion by 2030. And server revenue to double in 2027: "I do believe there's more demand."

Intel's server CPU volume up 10% y/y while ASP up 54% in 3Q26. Units are still far below the previous peak but stabilizing. From 2H25 Intel started the effort of triaging internal supply for DC and the effort began to pay off from early this year (ASPs up strong double-digits y/y for 3 consecutive quarters). Intel even going to the lengths of reducing 18A capacity in Oregon to deploy Intel 3, which is the work horse node for server CPUs.

$INTC CEO sees server CPU market growing 5x to over $200B in five years as AI agents take off saying “the ratio of CPU to GPUs used to be 1-to-8 and now it is 1-to-4.” That's effectively twice as many CPUs per GPU as AI agents run more code and tools which could create another massive growth opportunity for $AMD, $ARM and $NVDA beyond GPUs alone.