AMD: the second source the AI labs asked for is shipping
Data Center revenue nearly doubled and Q4 is guided up 27% as Helios racks reach five named AI buyers. Bullish, at medium conviction: the cash and the inventory have not caught up with the ramp.
Q3 2026: revenue $13.4B (+45%); Data Center $8.5B (+97%), operating income $2.9B.
Q4 guide ~$17B ±3% (+27% q/q); non-GAAP gross margin ~55%.
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Advanced Micro Devices