Overview
- AMD reported record Q2 revenue of about $11.54 billion with Data Center sales more than doubling to roughly $6.7 billion and now making up about 58% of total revenue.
- Investors pushed the stock down after the results, with selling concentrated following Wednesday’s reports because the quarter did not reset sky‑high growth expectations.
- Capital expenditures rose to $808 million for the quarter, a sharp increase from prior periods, which raised concern about near‑term margins and how much the company must spend to scale Helios racks and chip supply.
- Accounts payable climbed by roughly $2.36 billion while reported free cash flow was about $1.55 billion, a mismatch that analysts say could be hiding short‑term cash pressure tied to payment timing.
- SpaceX’s public announcement that it will build AI infrastructure on Nvidia temporarily undercut AMD’s named‑customer narrative and leaves the market watching Helios deployments, hyperscaler conversions into booked revenue, and supply limits from partners like TSMC.