Jeff Pu(@sssjeffpu):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

2026.10.27 08:17

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#