AMD Advanced Micro Devices, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗

$432.80

Price · May 20, 2026

Fundamentals as of May 6, 2026

AMD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$432.80

Market Cap

—

P/E (TTM)

81.1

EPS (TTM)

$2.65

Revenue (TTM)

$34.64B

Div Yield

—

ROE

—

Debt/Equity

—

52W Range

$108 – $469

AMD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $34.64B

2016-12-31 → 2025-12-27

EPS $2.65

2016-12-31 → 2025-12-27

Free Cash Flow —

2016-12-31 → 2024-12-28

Margins —

2016-12-31 → 2024-12-28

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

AMD

Peer Median

P/E (TTM)

81.1

33.1

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

AMD

Peer Median

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

AMD

Peer Median

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

AMD

Peer Median

Revenue YoY

34.3%

—

Revenue CAGR 3Y

13.6%

—

Revenue CAGR 5Y

28.8%

—

EPS YoY

165.0%

—

Net Income YoY

164.2%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

AMD

Peer Median

EPS (Diluted)

$2.65

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

AMD

Peer Median

AMD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 59 analysts

Strong Buy 15 25.4%
Buy 30 50.8%
Hold 13 22.0%
Sell 0 0.0%
Strong Sell 1 1.7%

12-Month Price Target

48 analysts · 2026-05-17

Median $474.00

Now $432.80

Low $225.00

High $625.00

Median target $474.00 +9.5%

Mean target $457.83 +5.8%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.06%

Period	EPS Actual	EPS Est	Surprise
March 31, 2026	$1.37	$1.31	0.06%
Dec. 31, 2025	$1.53	$1.33	0.20%
Sept. 30, 2025	$1.20	$1.18	0.03%
June 30, 2025	$0.48	$0.50	-0.02%
March 31, 2025	$0.96	$0.95	0.01%

Peer Comparison Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
AMD	—	81.1	34.3%	—	—	—
NVDA	$4.57T	38.3	65.5%	55.6%	93.3%	71.1%
AVGO	$1.75T	77.5	23.9%	36.2%	30.7%	67.8%
MU	$136.88B	16.1	48.9%	22.8%	16.6%	39.8%
INTC	$180.78B	-603.3	-0.47%	-0.51%	-0.25%	34.8%
TXN	—	31.8	13.1%	28.3%	30.1%	57.0%
QCOM	$181.72B	33.8	13.7%	12.5%	22.7%	—
ADI	$114.64B	51.3	16.9%	20.6%	6.6%	61.5%
MRVL	$68.75B	26.4	42.1%	32.6%	19.3%	51.0%
MPWR	$44.15B	70.5	26.4%	22.3%	18.0%	55.2%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18

Annual Income Statement data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$34.64B	$25.79B	$22.68B	$23.60B	$16.43B	$9.76B	$6.73B	$6.47B	$5.25B	$4.32B	$3.99B	$5.51B
Cost of Revenue	$17.49B	$13.06B	$12.22B	$13.00B	$8.51B	$5.42B	$3.86B	$4.03B	$3.47B	$3.32B	$2.91B	$3.67B
Gross Profit	$17.15B	$12.72B	$10.46B	$10.60B	$7.93B	$4.35B	$2.87B	$2.45B	$1.79B	$1.00B	$1.08B	$1.84B
R&D Expense	$8.09B	$6.46B	$5.87B	$5.00B	$2.85B	$1.98B	$1.55B	$1.43B	$1.20B	$1.01B	$947M	$1.07B
SG&A Expense	$4.14B	$2.73B	$2.32B	$2.34B	$1.45B	$995M	$750M	$562M	$516M	$466M	$482M	$604M
Operating Expenses	$13.46B	$10.82B	$10.06B	·	·	·	·	·	·	·	·	·
Operating Income	$3.69B	$1.90B	$401M	$1.26B	$3.65B	$1.37B	$631M	$451M	$127M	$-373M	$-481M	$-155M
Interest Expense	$131M	$92M	$106M	$88M	$34M	$47M	$94M	$121M	$126M	$156M	$160M	$177M
Interest Income	·	·	·	·	·	·	·	·	·	·	·	$3M
Other Non-op	$577M	$181M	$197M	$8M	$55M	$-47M	$-165M	$0	$-9M	$80M	$-5M	$-66M
Pretax Income	$4.17B	$2.02B	$508M	$1.20B	$3.67B	$1.28B	$372M	$328M	$-15M	$-459M	$-646M	$-398M
Income Tax	$-103M	$381M	$-346M	$-122M	$513M	$-1.21B	$31M	$-9M	$18M	$39M	$14M	$5M
Net Income	$4.33B	$1.64B	$854M	$1.32B	$3.16B	$2.49B	$341M	$337M	$-33M	$-498M	$-660M	$-403M
EPS (Basic)	$2.67	$1.01	$0.53	$0.85	$2.61	$2.10	$0.31	$0.34	$-0.03	$-0.60	$-0.84	$-0.53
EPS (Diluted)	$2.65	$1.00	$0.53	$0.84	$2.57	$2.06	$0.30	$0.32	$-0.03	$-0.60	$-0.84	$-0.53
Shares (Basic)	1,624,000,000	1,620,000,000	1,614,000,000	1,561,000,000	1,213,000,000	1,184,000,000	1,091,000,000	982,000,000	952,000,000	835,000,000	783,000,000	768,000,000
Shares (Diluted)	1,636,000,000	1,637,000,000	1,625,000,000	1,571,000,000	1,229,000,000	1,207,000,000	1,120,000,000	1,064,000,000	952,000,000	835,000,000	783,000,000	768,000,000
EBITDA	·	$1.90B	$401M	$1.26B	$3.65B	$1.37B	$853M	$621M	$348M	$-239M	$-314M	$-155M

Balance Sheet 30

Annual Balance Sheet data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$5.54B	$3.79B	$3.93B	$4.83B	$2.54B	$1.59B	$1.47B	$1.08B	$1.19B	$1.26B	$785M	$805M
Short-term Investments	$5.01B	$1.34B	$1.84B	$1.02B	$1.07B	$695M	$37M	$78M	$0	$0	$0	$235M
Receivables	$6.32B	$6.19B	$4.32B	$4.13B	$2.71B	$2.07B	$1.86B	$1.24B	$454M	$372M	$533M	$818M
Inventory	$7.92B	$5.73B	$4.35B	$3.77B	$1.96B	$1.40B	$982M	$845M	$694M	$691M	$678M	$685M
Prepaid Expense	$2.16B	$1.99B	$2.31B	$1.26B	$312M	$378M	$233M	$270M	$77M	$63M	$43M	$32M
Other Current Assets	·	$1.36B	$1.26B	·	·	·	·	$195M	$191M	$115M	$248M	$48M
Current Assets	$26.95B	$19.05B	$16.77B	$15.02B	$8.58B	$6.14B	$4.60B	$3.54B	$2.63B	$2.53B	$2.32B	$2.74B
PP&E (Net)	$2.31B	$1.80B	$1.59B	$1.51B	$702M	$641M	$500M	$348M	$261M	$164M	$188M	$302M
PP&E (Gross)	$4.93B	$3.98B	$3.38B	$3.02B	$1.84B	$1.55B	$1.27B	$1.05B	$1.00B	$881M	$984M	$1.68B
Accum. Depreciation	$2.62B	$2.17B	$1.79B	$1.51B	$1.13B	$912M	$768M	$707M	$740M	$717M	$796M	$1.38B
Goodwill	$25.13B	$24.84B	$24.26B	$24.18B	$289M	$289M	$289M	$289M	$289M	$289M	$278M	$320M
Intangibles	$16.70B	$18.93B	$21.36B	$24.12B	$0	·	·	·	·	·	$0	$65M
Other Non-current Assets	$5.45B	$3.92B	$2.81B	$2.15B	$1.48B	$373M	$357M	$321M	$310M	$279M	$298M	$344M
Total Assets	$76.93B	$69.23B	$67.89B	$67.58B	$12.42B	$8.96B	$6.03B	$4.56B	$3.55B	$3.32B	$3.08B	$3.77B
Accounts Payable	$2.93B	$2.47B	$2.06B	$2.49B	$1.32B	$468M	$988M	$834M	$384M	$440M	$279M	$415M
Accrued Liabilities	$5.25B	$4.26B	$3.08B	$3.08B	$2.42B	$1.80B	$1.08B	$783M	$555M	$400M	$472M	$518M
Short-term Debt	$874M	$0	$751M	$0	$312M	$0	$0	·	·	$0	$230M	$172M
Current Liabilities	$9.46B	$7.28B	$6.69B	$6.37B	$4.24B	$2.42B	$2.36B	$1.98B	$1.51B	$1.35B	$1.40B	$1.44B
Capital Leases	$625M	$491M	$535M	$396M	$348M	$201M	$199M	$0	·	·	·	·
Deferred Tax	$313M	$349M	$1.20B	$1.93B	$12M	·	·	$11M	$11M	$11M	$0	·
Other Non-current Liabilities	$1.19B	$1.82B	$1.85B	$1.66B	$321M	$177M	$157M	$192M	$118M	$124M	$86M	$105M
Long-term Debt	$3.22B	$1.72B	$2.47B	$2.47B	$1M	$330M	$486M	$1.25B	$1.40B	$1.44B	$2.24B	·
Total Debt	·	$1.72B	$2.47B	$2.47B	$313M	$330M	$486M	$1.11B	$1.32B	$1.44B	$2.25B	$2.20B
Common Stock	$17M	$17M	$17M	$16M	$12M	$12M	$12M	$10M	$9M	$9M	$8M	$8M
Retained Earnings	$6.70B	$2.36B	$723M	$-131M	$-1.45B	$-4.61B	$-7.09B	$-7.44B	$-7.78B	$-7.74B	$-7.31B	$-6.65B
Treasury Stock	$7.08B	$6.11B	$4.51B	$3.10B	$2.13B	$131M	$53M	$50M	$108M	$119M	$123M	$119M
AOCI	$-3M	$-69M	$-10M	$-41M	$-3M	$17M	$0	$-8M	$6M	$-5M	$-8M	$-5M
Stockholders' Equity	$63.00B	$57.57B	$55.89B	$54.75B	$7.50B	$5.84B	$2.83B	$1.27B	$596M	$477M	$-350M	$187M
Liabilities + Equity	$76.93B	$69.23B	$67.89B	$67.58B	$12.42B	$8.96B	$6.03B	$4.56B	$3.55B	$3.32B	$3.08B	$3.77B
Shares Outstanding	1,630,000,000	1,622,000,000	1,616,000,000	1,612,000,000	1,207,000,000	1,211,000,000	1,170,000,000	1,005,000,000	967,000,000	935,000,000	792,000,000	776,000,000

Cash Flow 19

Annual Cash Flow data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	·	·	·	·	·	·	$222M	$170M	$144M	$133M	$167M	$203M
Stock-based Comp	$1.64B	$1.41B	$1.38B	$1.08B	$379M	$274M	$197M	$137M	$97M	$86M	$63M	$81M
Deferred Tax	$252M	$-1.16B	$-1.02B	$-1.50B	$-308M	$1.22B	$-7M	$-4M	$-16M	$20M	$-1M	$0
Amort. of Intangibles	$2.30B	$2.40B	$2.80B	·	·	·	·	·	$0	$0	$3M	$14M
Restructuring	$0	$186M	$0	$0	·	·	·	·	$0	$10M	·	$58M
Other Non-cash	·	·	·	·	·	·	$-260M	$-606M	$-200M	$348M	$205M	·
Operating Cash Flow	$7.71B	$3.04B	$1.67B	$3.56B	$3.52B	$1.07B	$493M	$34M	$12M	$81M	$-226M	$-98M
CapEx	$974M	$636M	$546M	$450M	$301M	$294M	$217M	$163M	$113M	$77M	$96M	$95M
Investing Cash Flow	$-5.53B	$-1.10B	$-1.42B	$2.00B	$686M	$-952M	$-149M	$-170M	$-54M	$277M	$147M	$-12M
Debt Issued	·	·	·	·	·	·	·	$0	$0	$782M	$0	$1.08B
Net Debt Issued	·	·	·	·	·	·	$-403M	$0	$0	$782M	$100M	$1.16B
Stock Issued	·	·	·	·	·	·	·	$0	$0	$667M	$0	$0
Stock Repurchased	$1.32B	$862M	$985M	$3.70B	$1.76B	$0	$0	·	·	·	·	·
Net Stock Activity	·	$-862M	$-985M	$-3.70B	$-1.76B	·	·	$0	$0	$667M	$5M	$4M
Financing Cash Flow	$-431M	$-2.06B	$-1.15B	$-3.26B	$1.90B	$6M	$43M	$28M	$-33M	$122M	$59M	$46M
Net Change in Cash	$1.75B	$-122M	$-902M	$2.30B	$940M	$125M	$387M	$-108M	$-75M	$480M	$-20M	$-64M
Taxes Paid	$884M	$1.39B	$523M	$685M	$35M	$8M	$-4M	$-8M	$20M	$20M	$3M	$7M
Free Cash Flow	·	$2.40B	$1.12B	$3.12B	$3.22B	$777M	$276M	$-129M	$-45M	$13M	$-322M	$-193M
Levered FCF	·	$2.33B	$943M	$3.02B	$3.19B	$686M	$190M	$-253M	$-132M	$-156M	$-485M	$-372M

Profitability 8

Annual Profitability data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	·	49.4%	46.1%	44.9%	48.2%	44.5%	42.6%	37.8%	34.2%	23.4%	27.1%	33.4%
Operating Margin	·	7.4%	1.8%	5.4%	22.2%	14.0%	9.4%	7.0%	3.8%	-8.7%	-12.0%	-2.8%
Net Margin	·	6.4%	3.8%	5.6%	19.2%	25.5%	5.1%	5.2%	0.81%	-11.6%	-16.5%	-7.3%
Pretax Margin	·	7.8%	2.2%	5.1%	22.4%	13.1%	5.5%	5.1%	1.2%	-10.7%	-16.2%	-7.2%
EBITDA Margin	·	7.4%	1.8%	5.4%	22.2%	14.0%	12.7%	9.6%	6.5%	-5.6%	-7.9%	-2.8%
ROA	·	2.4%	1.3%	3.3%	29.6%	33.2%	6.4%	8.3%	1.2%	-15.5%	-19.2%	-10.0%
ROE	·	2.9%	1.5%	2.4%	43.2%	51.3%	13.6%	28.2%	7.9%	-1506.1%	586.7%	-110.3%
ROIC	·	2.6%	1.2%	2.4%	40.2%	43.2%	17.5%	19.5%	7.3%	-21.8%	-26.7%	-6.6%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	·	2.6	2.5	2.4	2.0	2.5	1.9	1.8	1.8	1.9	1.7	1.9
Quick Ratio	·	1.6	1.7	1.6	1.5	1.8	1.4	1.2	1.1	1.2	0.9	1.3
Debt / Equity	·	0.0	0.0	0.0	0.0	0.1	0.2	0.9	2.2	3.4	-5.5	11.7
LT Debt / Equity	·	0.0	0.0	0.0	0.0	0.1	0.2	0.9	2.2	3.4	-4.9	10.8
Interest Coverage	·	20.7	3.8	14.4	107.3	29.1	6.7	3.7	1.6	-2.4	-3.0	-0.9

Efficiency 3

Annual Efficiency data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	·	0.4	0.3	0.6	1.5	1.3	1.3	1.6	1.6	1.3	1.2	1.4
Inventory Turnover	·	2.6	3.0	4.5	5.1	4.5	4.2	5.2	4.9	4.6	4.3	4.7
Receivables Turnover	·	4.9	4.8	6.9	6.9	5.0	4.4	7.7	13.8	10.1	5.9	6.7

Per Share 5

Annual Per Share data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	·	$35.49	$34.59	$33.96	$6.21	$4.82	$2.42	$1.26	$0.63	$0.44	$-0.52	·
Revenue / Share	·	$15.75	$13.96	$15.02	$13.37	$8.09	$6.01	$6.09	$5.13	$5.12	$5.10	$7.17
Cash Flow / Share	·	$1.86	$1.03	$2.27	$2.86	$0.89	$0.44	$0.03	$0.07	$0.11	$-0.29	$-0.13
Cash / Share	·	$2.33	$2.43	$3.00	$2.10	$1.32	$1.25	$1.07	$1.23	$1.35	$0.99	·
EPS (TTM)	$2.65	$1.00	$0.53	$0.84	$2.57	$2.06	$0.30	$0.32	$-0.03	$-0.60	$-0.84	$-0.53

Growth Rates 9

Annual Growth Rates data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	34.3%	13.7%	-3.9%	43.6%	68.3%	·	·	·	·	·	·	·
Revenue CAGR 3Y	13.6%	16.2%	32.4%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	28.8%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	165.0%	88.7%	-36.9%	-67.3%	24.8%	·	·	·	·	·	·	·
EPS CAGR 3Y	46.7%	-27.0%	-36.4%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	5.2%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	164.2%	92.2%	-35.3%	-58.2%	27.0%	·	·	·	·	·	·	·
Net Income CAGR 3Y	48.6%	-19.6%	-30.0%	·	·	·	·	·	·	·	·	·
Net Income CAGR 5Y	11.7%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for AMD
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$34.64B	$25.79B	$22.68B	$23.60B	$16.43B	$9.76B	$6.73B	$6.47B	$5.25B	$4.32B	$3.99B	$5.51B
Net Income TTM	$4.33B	$1.64B	$854M	$1.32B	$3.16B	$2.49B	$341M	$337M	$-33M	$-498M	$-660M	$-403M
Market Cap	·	$203.06B	$238.21B	$104.41B	$176.39B	$111.18B	$54.03B	$17.91B	$9.94B	$10.60B	$2.31B	·
Enterprise Value	·	$199.65B	$234.91B	$101.02B	$173.10B	$109.22B	$53.01B	$17.87B	$10.08B	$10.77B	$3.78B	·
P/E	81.1	125.2	278.1	77.1	56.9	44.6	153.9	55.7	-342.7	-18.9	-3.5	-5.0
P/S	·	7.9	10.5	4.4	10.7	11.4	8.0	2.8	1.9	2.5	0.6	·
P/B	·	3.5	4.3	1.9	23.5	19.0	19.1	14.1	16.3	25.5	-5.6	·
P / Tangible Book	·	14.7	23.2	16.2	24.5	20.0	·	·	·	·	·	·
P / Cash Flow	·	66.8	142.9	29.3	50.1	103.8	109.6	526.7	146.2	117.8	-10.2	·
P / FCF	·	84.4	212.5	33.5	54.8	143.1	195.8	-138.8	-220.9	815.6	-7.2	·
EV / EBITDA	·	105.1	585.8	79.9	47.4	79.8	62.1	28.8	29.0	-45.1	-12.0	·
EV / FCF	·	83.0	209.6	32.4	53.8	140.6	192.1	-138.5	-224.0	828.8	-11.7	·
EV / Revenue	·	7.7	10.4	4.3	10.5	11.2	7.9	2.8	1.9	2.5	0.9	·
Earnings Yield	1.2%	0.80%	0.36%	1.3%	1.8%	2.2%	0.65%	1.8%	-0.29%	-5.3%	-28.8%	-20.0%

Income Statement 17

Quarterly Income Statement data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$10.25B	$10.27B	$9.25B	$7.68B	$7.44B	$7.66B	$6.82B	$5.83B	$5.47B	$6.17B	$5.80B	$5.36B	$5.35B	$5.60B	$5.57B	$6.55B
Cost of Revenue	$4.84B	$4.69B	$4.47B	$4.63B	$3.70B	$3.78B	$3.40B	$2.97B	$2.91B	$3.26B	$3.05B	$2.92B	$2.99B	$3.20B	$3.21B	$3.52B
Gross Profit	$5.42B	$5.58B	$4.78B	$3.06B	$3.74B	$3.88B	$3.42B	$2.86B	$2.56B	$2.91B	$2.75B	$2.44B	$2.36B	$2.40B	$2.35B	$3.03B
R&D Expense	$2.40B	$2.33B	$2.14B	$1.89B	$1.73B	$1.71B	$1.64B	$1.58B	$1.52B	$1.51B	$1.51B	$1.44B	$1.41B	$1.37B	$1.28B	$1.30B
SG&A Expense	$1.25B	$1.20B	$1.07B	$991M	$886M	$781M	$707M	$640M	$607M	$610M	$576M	$547M	$585M	$590M	$557M	$592M
Operating Expenses	$3.94B	$3.83B	$3.51B	$3.19B	$2.93B	$3.01B	$2.69B	$2.60B	$2.52B	·	·	·	·	·	·	·
Operating Income	$1.48B	$1.75B	$1.27B	$-134M	$806M	$871M	$724M	$269M	$36M	$342M	$224M	$-20M	$-145M	$-149M	$-64M	$526M
Interest Expense	$37M	$36M	$37M	$38M	$20M	$19M	$23M	$25M	$25M	$27M	$26M	$28M	$25M	$19M	$31M	$25M
Other Non-op	$165M	$358M	$82M	$98M	$39M	$37M	$36M	$55M	$53M	$49M	$59M	$46M	$43M	$32M	$22M	$-4M
Pretax Income	$1.60B	$2.10B	$1.31B	$-74M	$825M	$922M	$737M	$299M	$64M	$380M	$257M	$-2M	$-127M	$-122M	$-73M	$497M
Income Tax	$238M	$455M	$153M	$-834M	$123M	$419M	$-27M	$41M	$-52M	$-297M	$-39M	$-23M	$13M	$-154M	$-135M	$54M
Net Income	$1.38B	$1.51B	$1.24B	$872M	$709M	$482M	$771M	$265M	$123M	$667M	$299M	$27M	$-139M	$21M	$66M	$447M
EPS (Basic)	$0.85	$0.93	$0.76	$0.54	$0.44	$0.29	$0.48	$0.16	$0.08	$0.41	$0.18	$0.02	$-0.09	$-0.03	$0.04	$0.28
EPS (Diluted)	$0.84	$0.92	$0.75	$0.54	$0.44	$0.30	$0.47	$0.16	$0.07	$0.42	$0.18	$0.02	$-0.09	$-0.03	$0.04	$0.27
Shares (Basic)	1,631,000,000	-3,245,000,000	1,626,000,000	1,623,000,000	1,620,000,000	-3,235,000,000	1,620,000,000	1,618,000,000	1,617,000,000	1,000,000	1,616,000,000	1,612,000,000	1,611,000,000	-3,065,000,000	1,615,000,000	1,618,000,000
Shares (Diluted)	1,650,000,000	-3,261,000,000	1,641,000,000	1,630,000,000	1,626,000,000	-3,275,000,000	1,636,000,000	1,637,000,000	1,639,000,000	0	1,629,000,000	1,627,000,000	1,611,000,000	-3,096,000,000	1,625,000,000	1,632,000,000
EBITDA	$1.48B	·	$1.27B	$-134M	$806M	·	$724M	$269M	$36M	·	$224M	$-20M	$-145M	·	$-64M	$526M

Balance Sheet 30

Quarterly Balance Sheet data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$5.58B	$5.54B	$4.81B	$4.44B	$6.05B	$3.79B	$3.90B	$4.11B	$4.19B	$3.93B	$3.56B	$3.84B	$3.83B	$4.83B	$3.40B	$4.96B
Short-term Investments	$6.76B	$5.01B	$2.44B	$1.43B	$1.26B	$1.34B	$647M	$1.23B	$1.84B	·	$2.22B	$2.44B	$2.11B	·	$2.19B	$1.03B
Receivables	$6.04B	$6.32B	$6.20B	$5.12B	$5.44B	$6.19B	$7.24B	$5.75B	$5.04B	·	$5.05B	$4.31B	$4.04B	·	$4.34B	$4.05B
Inventory	$8.04B	$7.92B	$7.31B	$6.68B	$6.42B	$5.73B	$5.37B	$4.99B	$4.65B	·	$4.45B	$4.57B	$4.24B	·	$3.37B	$2.65B
Prepaid Expense	$2.20B	$2.16B	$2.25B	$2.53B	$2.43B	$1.99B	$1.55B	$1.36B	$1.33B	·	$1.40B	$1.34B	$1.44B	·	$1.12B	$769M
Other Current Assets	·	·	$1.94B	$1.96B	$1.58B	·	·	·	·	·	·	·	·	·	·	·
Current Assets	$28.63B	$26.95B	$27.00B	$24.52B	$21.59B	$19.05B	$18.73B	$17.46B	$17.08B	·	$16.69B	$16.50B	$15.66B	·	$14.42B	$13.46B
PP&E (Net)	$2.72B	$2.31B	$2.21B	$2.13B	$1.92B	$1.80B	$1.67B	$1.67B	$1.62B	·	$1.57B	$1.54B	$1.50B	·	$1.49B	$1.44B
PP&E (Gross)	$5.47B	$4.93B	$4.73B	$4.56B	$4.19B	$3.98B	$3.74B	$3.65B	$3.51B	·	$3.30B	$3.22B	$3.09B	·	$2.88B	$2.75B
Accum. Depreciation	$2.75B	$2.62B	$2.52B	$2.43B	$2.27B	$2.17B	$2.07B	$1.99B	$1.88B	·	$1.73B	$1.68B	$1.59B	·	$1.40B	$1.31B
Goodwill	$25.34B	$25.13B	$25.08B	$25.08B	$24.84B	$24.84B	$24.84B	$24.26B	$24.26B	·	$24.19B	$24.18B	$24.18B	$24.18B	$24.19B	$24.19B
Intangibles	$16.15B	$16.70B	$17.25B	$17.81B	$18.36B	$18.93B	$19.57B	$20.14B	$20.74B	·	$21.95B	$22.60B	$23.29B	·	$25.16B	$26.16B
Other Non-current Assets	$6.32B	$5.45B	$4.72B	$4.42B	$3.99B	$3.92B	$2.85B	$2.99B	$3.01B	·	$2.56B	$2.53B	$2.41B	·	$1.95B	$1.66B
Total Assets	$79.64B	$76.93B	$76.89B	$74.82B	$71.55B	$69.23B	$69.64B	$67.89B	$67.89B	·	$67.63B	$67.97B	$67.63B	·	$67.81B	$67.50B
Accounts Payable	$3.00B	$2.93B	$3.48B	$3.08B	$2.21B	$2.47B	$2.53B	$1.70B	$1.42B	·	$2.25B	$2.78B	$2.52B	·	$2.34B	$1.52B
Accrued Liabilities	$5.79B	$5.25B	$5.11B	$4.48B	$3.88B	$4.26B	$4.12B	$3.63B	$3.44B	·	$3.38B	$2.97B	$3.17B	·	$3.60B	$3.07B
Short-term Debt	·	$874M	·	·	$947M	$0	$0	$0	$750M	·	$752M	$753M	·	·	$0	$312M
Current Liabilities	$10.51B	$9.46B	$11.70B	$9.84B	$7.70B	$7.28B	$7.50B	$6.20B	$6.47B	·	$7.63B	$7.57B	$6.58B	·	$6.69B	$5.52B
Capital Leases	$647M	$625M	$650M	$668M	$567M	$491M	$518M	$526M	$530M	·	$395M	$393M	$381M	·	$424M	$422M
Deferred Tax	$307M	$313M	$326M	$341M	$343M	$349M	$1.16B	$1.19B	$1.20B	·	$1.15B	$1.36B	$1.64B	·	$2.08B	$2.81B
Other Non-current Liabilities	$1.37B	$1.19B	$1.08B	$1.08B	$1.84B	$1.82B	$1.75B	$1.72B	$1.78B	·	$1.77B	$1.79B	$1.87B	·	$1.61B	$1.12B
Long-term Debt	$3.22B	$3.22B	$3.22B	·	·	$1.72B	$1.72B	$1.72B	$2.47B	·	$2.46B	$2.46B	·	·	·	·
Total Debt	$3.22B	·	$3.22B	$3.22B	$4.16B	·	$1.72B	$1.72B	$3.22B	·	$3.22B	·	·	·	$2.47B	$2.78B
Common Stock	$17M	$17M	$17M	$17M	$17M	$17M	$17M	$17M	$17M	·	$17M	$16M	$16M	·	$16M	$16M
Retained Earnings	$8.08B	$6.70B	$5.19B	$3.94B	$3.07B	$2.36B	$1.88B	$1.11B	$846M	·	$56M	$-243M	$-270M	·	$-152M	$-218M
Treasury Stock	$7.42B	$7.08B	$7.06B	$6.54B	$6.90B	$6.11B	$5.81B	$5.10B	$4.69B	·	$4.24B	$3.43B	$3.36B	·	$2.81B	$1.89B
AOCI	$-72M	$-3M	$-13M	$10M	$-40M	$-69M	$2M	$-29M	$-28M	·	$-50M	$-32M	$-21M	·	$-88M	$-33M
Stockholders' Equity	$64.46B	$63.00B	$60.79B	$59.66B	$57.88B	$57.57B	$56.98B	$56.54B	$56.20B	$55.89B	$54.97B	$55.14B	$54.69B	$54.75B	$54.54B	$55.17B
Liabilities + Equity	$79.64B	$76.93B	$76.89B	$74.82B	$71.55B	$69.23B	$69.64B	$67.89B	$67.89B	·	$67.63B	$67.97B	$67.63B	·	$67.81B	$67.50B
Shares Outstanding	1,630,000,000	1,630,000,000	1,628,000,000	1,622,000,000	1,616,000,000	1,622,000,000	1,623,000,000	1,618,000,000	1,618,000,000	·	1,615,000,000	1,614,000,000	1,609,000,000	·	1,612,000,000	1,612,000,000

Cash Flow 14

Quarterly Cash Flow data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Stock-based Comp	$487M	$486M	$419M	$369M	$364M	$339M	$351M	$346M	$371M	$374M	$353M	·	$309M	$315M	$275M	$292M
Amort. of Intangibles	$551M	$603M	$562M	$568M	$567M	$590M	$585M	$603M	$622M	$600M	$660M	$693M	$823M	·	$1.00B	$1.00B
Operating Cash Flow	$2.96B	$2.60B	$2.16B	$2.01B	$939M	$1.30B	$628M	$593M	$521M	$381M	$421M	·	$486M	$567M	$965M	$1.04B
CapEx	$389M	$222M	$258M	$282M	$212M	$208M	$132M	$154M	$142M	$139M	$124M	·	$158M	$124M	$123M	$132M
Investing Cash Flow	$-2.56B	$-1.54B	$-1.34B	$-2.30B	$-357M	$-1.21B	$-138M	$386M	$-135M	$150M	$102M	·	$-1.24B	$1.07B	$-1.30B	$-928M
Debt Issued	$0	·	$0	$947M	$2.44B	·	$0	$0	$0	·	·	·	·	·	·	·
Net Debt Issued	$0	·	·	·	$1.49B	·	·	·	·	·	·	·	·	·	·	·
Stock Repurchased	$221M	$0	$89M	$478M	$749M	$256M	$250M	$352M	$4M	$233M	$511M	·	$241M	$250M	$617M	$921M
Net Stock Activity	$-221M	·	·	·	$-749M	·	·	·	$-4M	·	·	·	$-241M	·	·	·
Financing Cash Flow	$-350M	$-328M	$-450M	$-1.32B	$1.67B	$-171M	$-706M	$-1.06B	$-129M	$-159M	$-803M	·	$-259M	$-197M	$-1.23B	$114M
Net Change in Cash	$40M	$731M	$372M	$-1.61B	$2.25B	$-86M	$-216M	$-77M	$257M	$372M	$-280M	·	$-1.01B	$1.44B	$-1.57B	$224M
Taxes Paid	$30M	$66M	$58M	$632M	$128M	$375M	$700M	$224M	$87M	$489M	$-12M	·	$21M	$101M	$40M	·
Free Cash Flow	$2.57B	·	·	·	$727M	·	·	·	$379M	·	·	·	$328M	·	·	·
Levered FCF	$2.53B	·	·	·	$710M	·	·	·	$334M	·	·	·	$300M	·	·	·

Profitability 8

Quarterly Profitability data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Gross Margin	52.8%	·	51.7%	39.8%	50.2%	·	50.1%	49.1%	46.8%	·	47.4%	45.6%	44.1%	·	42.3%	46.2%
Operating Margin	14.4%	·	13.7%	-1.7%	10.8%	·	10.6%	4.6%	0.66%	·	3.9%	-0.37%	-2.7%	·	-1.1%	8.0%
Net Margin	13.5%	·	13.4%	11.3%	9.5%	·	11.3%	4.5%	2.2%	·	5.2%	0.50%	-2.6%	·	1.2%	6.8%
Pretax Margin	15.6%	·	14.2%	-0.96%	11.1%	·	10.8%	5.1%	1.2%	·	4.4%	-0.04%	-2.4%	·	-1.3%	7.6%
EBITDA Margin	14.4%	·	13.7%	-1.7%	10.8%	·	10.6%	4.6%	0.66%	·	3.9%	-0.37%	-2.7%	·	-1.1%	8.0%
ROA	1.8%	·	1.7%	1.2%	1.0%	·	1.1%	0.39%	0.18%	·	0.44%	·	·	·	0.17%	1.1%
ROE	2.3%	·	2.1%	1.5%	1.2%	·	1.4%	0.47%	0.22%	·	0.55%	·	·	·	0.21%	1.4%
ROIC	1.9%	·	1.8%	2.2%	1.1%	·	1.3%	0.40%	0.11%	·	0.44%	·	·	·	0.10%	0.81%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	2.7	·	2.3	2.5	2.8	·	2.5	2.8	2.6	·	2.2	·	·	·	2.2	2.4
Quick Ratio	1.7	·	1.1	1.1	1.7	·	1.6	1.8	1.7	·	1.4	·	·	·	1.5	1.8
Debt / Equity	0.1	·	0.1	0.1	0.1	·	0.0	0.0	0.1	·	0.1	·	·	·	0.0	0.1
LT Debt / Equity	0.0	·	0.0	0.1	0.1	·	0.0	0.0	0.0	·	0.0	·	·	·	0.0	0.0
Interest Coverage	39.9	·	34.3	-3.5	40.3	·	31.5	10.8	1.4	·	8.6	-0.7	-5.8	·	-2.1	21.0

Efficiency 3

Quarterly Efficiency data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	·	·	·	0.1	0.2
Inventory Turnover	0.7	·	0.7	0.8	0.7	·	0.7	0.6	0.7	·	0.8	·	·	·	1.2	1.6
Receivables Turnover	1.8	·	1.4	1.4	1.4	·	1.1	1.2	1.2	·	1.2	·	·	·	1.7	2.2

Per Share 5

Quarterly Per Share data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$39.55	·	$37.34	$36.78	$35.82	·	$35.11	$34.94	$34.73	·	$34.04	·	·	·	$33.84	$34.22
Revenue / Share	$6.21	·	$5.63	$4.71	$4.57	·	$4.17	$3.56	$3.34	·	$3.56	$3.29	$3.32	·	$3.42	$4.01
Cash Flow / Share	$1.79	·	·	·	$0.58	·	·	·	$0.32	·	·	·	$0.30	·	·	·
Cash / Share	$3.43	·	$2.95	$2.74	$3.74	·	$2.40	$2.54	$2.59	·	$2.21	·	·	·	$2.11	$3.08
EPS (TTM)	$2.57	·	$2.20	$1.61	$1.14	·	$0.88	$0.43	$0.18	·	$0.15	$0.24	$0.78	·	$1.62	$2.16

Valuation (TTM) 14

Quarterly Valuation (TTM) data for AMD
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$34.62B	·	$31.19B	$27.78B	$25.57B	·	$23.93B	$22.47B	$21.98B	·	$22.08B	$22.83B	$23.36B	·	$22.32B	$20.60B
Net Income TTM	$4.21B	·	$3.60B	$2.62B	$1.87B	·	$1.46B	$714M	$310M	·	$253M	$401M	$1.16B	·	$2.22B	$2.87B
Market Cap	$329.24B	·	$259.60B	$233.26B	$166.80B	·	$266.74B	$262.46B	$292.03B	·	$166.05B	·	·	·	$109.55B	$140.37B
Enterprise Value	$320.12B	·	$255.58B	$230.61B	$163.66B	·	$263.92B	$258.83B	$289.22B	·	$163.49B	·	·	·	$106.43B	$137.16B
P/E	78.6	·	72.5	89.3	90.5	·	186.8	377.2	1002.7	·	685.5	474.6	125.7	·	42.0	40.3
P/S	9.5	·	8.3	8.4	6.5	·	11.1	11.7	13.3	·	7.5	·	·	·	4.9	6.8
P/B	5.1	·	4.3	3.9	2.9	·	4.7	4.6	5.2	·	3.0	·	·	·	2.0	2.5
P / Tangible Book	14.3	·	14.1	13.9	11.4	·	21.2	21.6	26.1	·	18.8	·	·	·	21.1	29.1
P / Cash Flow	111.4	·	·	·	177.6	·	·	·	560.5	·	·	·	·	·	·	·
P / FCF	128.3	·	·	·	229.4	·	·	·	770.5	·	·	·	·	·	·	·
EV / EBITDA	216.9	·	201.2	-1721.0	203.0	·	364.5	962.2	8033.8	·	729.8	·	·	·	-1662.9	260.8
EV / FCF	124.8	·	·	·	225.1	·	·	·	763.1	·	·	·	·	·	·	·
EV / Revenue	9.2	·	8.2	8.3	6.4	·	11.0	11.5	13.2	·	7.4	·	·	·	4.8	6.7
Earnings Yield	1.3%	·	1.4%	1.1%	1.1%	·	0.54%	0.27%	0.10%	·	0.15%	0.21%	0.80%	·	2.4%	2.5%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-27	2024-12-28	2023-12-30	2022-12-31	2021-12-25
Revenue	$34.64B	$25.79B	$22.68B	$23.60B	$16.43B
Gross Margin %	—	49.4%	46.1%	44.9%	48.2%
Operating Margin %	—	7.4%	1.8%	5.4%	22.2%
Net Income	$4.33B	$1.64B	$854M	$1.32B	$3.16B
Diluted EPS	$2.65	$1.00	$0.53	$0.84	$2.57

Balance Sheet

	2025-12-27	2024-12-28	2023-12-30	2022-12-31	2021-12-25
Debt / Equity	—	0.0	0.0	0.0	0.0
Current Ratio	—	2.6	2.5	2.4	2.0
Quick Ratio	—	1.6	1.7	1.6	1.5

Cash Flow

	2025-12-27	2024-12-28	2023-12-30	2022-12-31	2021-12-25
Free Cash Flow	—	$2.40B	$1.12B	$3.12B	$3.22B

AMD AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75

↑ Bullish

I see AMD's strongest bull case in its accelerating AI chip launches like the MI450 GPU, which could carve out real data center share from Nvidia amid exploding demand. The stock has rocketed from $86 in late April to $146 last week, reflecting massive investor conviction in that trajectory with volume spiking over 300 million shares in key weeks. EPS TTM has climbed to $2.02 from $1.74 in Q3, proving earnings momentum is real and sustainable. Net margin TTM at 10.3% edges higher, signaling better profitability as scale kicks in.

↓ Bearish

AMD's bear case hinges on its sky-high valuation crumbling if AI growth disappoints or Nvidia maintains dominance, leaving it as a costly also-ran. P/E TTM at 105 dwarfs Nvidia's 45, meaning the market demands flawless execution that history questions. ROE TTM of just 5.6% lags Nvidia's 104% dramatically, showing AMD turns shareholder money into profit far less efficiently. Debt/equity at 5.3 adds leverage risk, amplifying downside if margins slip back.

Claude NEUTRAL 0.62

↑ Bullish

AMD is riding a genuine structural tailwind in AI infrastructure, and the MI450 launch signals real competitive progress against Nvidia's dominance. The stock has rallied 48% in twelve weeks, and gross margins remain healthy at 48.26%, showing the company can defend pricing even in a crowded market. EPS is up 16% year-over-year to $2.02 per share, which proves execution is real. If the MI450 gains traction with hyperscalers, AMD could steal meaningful share from Nvidia's $15 trillion addressable market opportunity by 2030.

↓ Bearish

AMD's valuation has completely detached from fundamentals. The P/E of 105.5 times trailing earnings is nearly 2.3 times Nvidia's 45.7 multiple, yet AMD's ROE is only 5.6% versus Nvidia's 103.8%—a chasm that reflects Nvidia's structural moat. The debt-to-equity ratio sits at 5.3, meaning AMD is highly leveraged while earning a thin 10.32% net margin. At current multiples, the market is pricing in perfection. Any stumble in MI450 adoption or a delay in gaining share would crater the stock.

Gemini NEUTRAL 0.60

↑ Bullish

AMD is positioning itself as the primary alternative to Nvidia's dominance, and the upcoming MI450 launch could be the catalyst that finally unlocks meaningful market share in the AI data center space. The company is currently trading at a P/S ratio of 10.89. This reflects the market's aggressive pricing for future growth rather than current revenue, suggesting investors are betting on a massive scaling event. With a current ratio of 2.31, AMD maintains a solid liquidity cushion. This provides the management team with the necessary financial flexibility to aggressively fund R&D and compete in the high-stakes GPU arms race.

↓ Bearish

The fundamental reality is that AMD is currently an incredibly expensive bet on potential that has yet to translate into industry-leading profitability. The stock carries a P/E ratio of 105.46. This valuation implies that investors are paying a massive premium for earnings that are significantly lagging behind the broader semiconductor sector. Furthermore, the return on equity sits at just 5.61%. This indicates that for every dollar of shareholder capital, the company is generating very little profit compared to hardware peers, signaling that their operational efficiency is nowhere near the level required to justify this current market cap.

Chatgpt NEUTRAL 0.62

↑ Bullish

I think the strongest bullish case for AMD is its AI and data-center leadership, supported by a meaningful MI450-driven pipeline that could sustain multi-year earnings growth. EPS TTM: 2.0235 — UP. This implies earnings power is improving as AI data-center demand scales. Net profit margin TTM: 10.32% — UP. That translates to better profitability per dollar of revenue as AMD captures higher-margin AI workloads. Gross margin TTM: 48.26% — FLAT. This shows AMD preserves pricing power and margin headroom even as volumes rise.

↓ Bearish

Bearish: The strongest bear case is that AMD trades at an extremely high valuation and carries leverage risk in a cyclical semiconductor cycle. P/E TTM: 105.4632 — UP. This is very high and leaves little room for disappointment; any AI demand slowdown could trigger multiple compression. Debt/Equity: 5.3 — HIGH. That raises downside risk if cash flows weaken and capital needs spike. Current ratio: 2.3077 — DOWN. The liquidity cushion has softened, increasing near-term liquidity risk in a tougher environment.

Round 2 — Responses & Rebuttals

Grok

Claude, your ROE gap to Nvidia is real, but it misses how AMD's 5.6% crushes Intel's 0.2%. That means AMD squeezes over 25 times more profit from each equity dollar than Intel, proving execution edge against legacy rivals in CPUs and AI accelerators. With MI450 news signaling hyperscaler traction as of April 15, AMD could close more ground versus the whole peer set.

Claude

I need to push back on Gemini here. You're citing the P/S ratio of 10.89 as evidence of aggressive growth pricing, but that number actually works against your bull case. AMD's P/S is nearly identical to Nvidia's historical multiples during Nvidia's hypergrowth phase—except Nvidia was printing 50%+ gross margins and 100%+ ROE. AMD is at 48% gross margin and 5.6% ROE. The P/S doesn't tell you anything about whether AMD deserves that multiple; it just tells you the market is betting on a transformation that hasn't happened yet. That's not financial flexibility—that's a bet on execution that the balance sheet doesn't yet support.

Gemini

Claude, your point about the valuation gap between AMD and Nvidia misses the critical reality of the capital intensity required to compete in this space. While you correctly identify the P/E of 105.5 as a massive premium, you overlook that AMD is essentially buying its way into a market Nvidia has already monopolized. With a debt-to-equity ratio of 5.3, AMD is leveraging its balance sheet to fund the R&D necessary to even be a contender. That high debt load means they have zero margin for error in the upcoming MI450 product cycle.

Chatgpt

Claude, your point that the P/E is extreme is fair, but it ignores the optionality AMD carries from MI450 and AI data-center demand. P/E TTM: 105.46 means investors are betting AMD will keep delivering earnings well above peers for years. If MI450 adoption stalls, that premium could snap back quickly, underscoring that the stock's upside is highly conditional on execution.

Round 3 — Final Rebuttals

Grok

ChatGPT, I have to challenge your read that AMD's P/E of 105 means the market expects earnings well above peers for years. That ignores the ROE reality—AMD's 5.6% trails MU's 22.4% and TXN's 30.4%, showing it converts equity to profit far less efficiently than those chipmakers today. The multiple bets on an AI miracle, not proven superiority. With MI450 hype from April 15 news, execution risk keeps this a hold.

Claude

I want to challenge Grok on something that went unchecked: the Intel comparison. Yes, AMD's 5.6% ROE crushes Intel's 0.2%, but that's a false floor. Intel is a collapsing legacy business with negative earnings momentum—comparing AMD to Intel doesn't tell us whether AMD deserves a 105 P/E, it just tells us AMD isn't bankrupt. The real peer set is Nvidia, Broadcom, and Micron. AMD's ROE of 5.6% versus Nvidia's 103.8% isn't a gap we can explain away with product cycles. That gap reflects Nvidia's pricing power and fab efficiency. Until MI450 actually moves the needle on AMD's return on capital—not just EPS—we're still pricing in a transformation, not a proven business model.

Gemini

Grok, I disagree with your comparison to Intel. Comparing AMD's 5.6% ROE to Intel's 0.2% is a race to the bottom that ignores the real competitive threat: the concentration of AI spending among a handful of hyperscalers. Microsoft and Meta account for a massive portion of data center capital expenditure, and these customers currently prioritize Nvidia’s CUDA software ecosystem over raw hardware specs. This creates a moat that no amount of R&D spending can easily bridge. Even if the MI450 succeeds, AMD remains at the mercy of a customer base that is heavily incentivized to keep Nvidia as the industry standard.

Chatgpt

Claude, your MI450 thesis needs more scrutiny. P/E TTM: 105.46 means investors are pricing in several years of outsized earnings for AMD; if MI450 stalls or slips, the multiple could compress quickly, delivering downside even if the product lands.

Price Forecasts

Model	3M Target	6M Target	Reasoning
G Grok	3M Target $140.00	6M Target $155.00	Reasoning I think AMD will grind modestly higher into 2026Q2 as MI450 gains traction, but valuation walls will cap explosive upside from here. The key catalyst is AMD's Q2 2026 earnings call in late July, where data center revenue beats from early MI450 shipments could confirm share gains versus Nvidia. One big risk is a product delay or weak hyperscaler guidance in that call, reigniting P/E fears. Today's P/E of 105 means investors pay $105 per dollar of trailing earnings, so even a 20% EPS jump to $2.43 wouldn't justify much multiple expansion without ROE acceleration.
C Claude	3M Target $110.00	6M Target $128.00	Reasoning AMD remains a conditional hold because MI450 adoption is real but the valuation already prices in success. My thesis: the stock rallies only if hyperscalers publicly commit to meaningful MI450 volume; otherwise, the 105 P/E compresses toward 65–75 as the market reprices from transformation to incremental gain. The catalyst is Q2 2026 earnings (late July) with MI450 customer wins explicitly named and revenue guidance raised. The risk is that MI450 ships but adoption stalls—hyperscalers stay Nvidia-loyal due to CUDA lock-in, and AMD guides flat-to-down data center growth. At 105 P/E, AMD is paying 2.3x Nvidia's multiple for 5.6% ROE versus Nvidia's 103.8%—an indefensible gap unless MI450 closes it. By 6m, if MI450 gains traction, P/E compresses to 55–60 and EPS grows to $2.40, justifying $128. If it stalls, $110 is the floor.
G Gemini	3M Target $115.00	6M Target $130.00	Reasoning My thesis is that AMD will trade as a high-beta proxy for AI infrastructure demand, drifting higher as the market prices in the MI450 launch. The primary catalyst is the fiscal Q2 earnings report, where any evidence of hyperscaler adoption for the new GPU will validate the current premium. The major risk is a sector-wide rotation out of high-multiple tech if core inflation data forces the Fed to keep rates higher for longer. The company's P/E ratio of 105.46 means investors are paying a massive premium for future growth rather than current profitability, leaving little room for error if revenue targets are missed.
C Chatgpt	3M Target $105.00	6M Target $110.00	Reasoning I think AMD remains an optionality play on AI data-center demand; MI450 momentum could unlock upside if hyperscalers commit. Catalyst: the next earnings call will disclose MI450 orders and traction. Risk: MI450 underdelivers or AI demand slows, risking multiple compression. P/E around 105x implies investors expect years of outsized earnings; any stumble would trigger rapid re-rating. If MI450 delivers, the stock could advance toward 105.0, then 110.0 as confidence builds around AI data-center share gains.

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AMD AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Round 2 — Responses & Rebuttals

Round 3 — Final Rebuttals

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