Earnings Takeaways- AMD • Raised 2026/27 EPS by +8%/+23%; TP lifted from $640 → $700 on 45x 2027E or 31x 2028E • After-hours weakness as market digests high expectations despite solid results • 2Q26 revenue $11.5bn (+50% YoY) in line; EPS $1.66 slightly above consensus
• 3Q26 guide: $13bn revenue above consensus, GM 56% soft
• Mgmt sees datacenter >100% YoY growth in 2027 (CPU + GPU)
• MI450/MI455X on track. Helios ramping in 3Q/4Q26 with further step-up in 1Q27 • We see Helios rack supply chain build plan ROBUST (>20k racks 2H26-27) 
• MI500 expected to outperform Nvidia’s Rubin Ultra in hardware performance

• Business tracking well ahead of long-term model (>35% revenue CAGR, EPS >$20)
• Strength from AI GPUs (MI450/Helios/MI500) + server CPU TAM/share gains
• Margin wise, AI GPU margins to stay below corporate avg due to large-memory strategy, while CPU and Embedded recovery are positive drivers #AMD#