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Advanced Micro Devices
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The chip company that spent 11 years climbing out of irrelevance — and is now in the AI race with Nvidia. Revenue *+34%.* OpenAI just committed to 6 gigawatts of AMD GPUs.
Updated · Q1 FY26 · May 2026
6
Chapters
~20
Min read
$35B / yr revenue · ~28K employees · public since 1972
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Spice: Jalapeño (3/5)
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0 of 6
1
Growth
~4 min
The Data Center Engine
Revenue jumped *34%* in 2025. The AI chips inside data centers did most of it.
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2
Financial Health
~4 min
Cash Machine, Now
AMD spent a decade *not* making money. Now they're generating *$8 billion* of operating cash a year.
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3
Moat
~4 min
The Number-2 Problem
Both AMD and Nvidia make AI chips. Nvidia keeps 75¢ on the dollar. AMD keeps 50¢.
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4
Management
~3 min
Lisa Su's Decade
She took over a near-bankrupt AMD in 2014. The stock is up *more than 50x* under her watch.
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5
Behind the Numbers
~2 min
The Story Behind the Numbers
Behind a record year: an AI-led data-center surge, a fabless cash engine, and a China tax that won’t go away.
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6
Risk
~3 min
What Could Break the Brief
*Nvidia's lead.* *Concentration in cloud customers.* *China.* Each one alone could clip the growth.
↻ Next update · Aug 5
est. Aug 5, 2026 · Q2 FY26 · AMD IR ↗
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