Recently, Microsoft, Apple, Amazon, and Meta have successively released their performance reports. Today we focus on AMD, while NVIDIA's financial report is expected to be announced by the end of August.
AMD will disclose its Q2 2026 performance after the US stock market closes on August 4. In this issue, we take a look ahead at AMD's financial report and discuss whether it has the strength to compete directly with NVIDIA in the AI sector.
Even though AMD's hardware strength is catching up, NVIDIA still holds a larger developer community, and its software platform has a considerable advantage in terms of both completeness of tools and actual deployment efficiency.
Therefore, for AMD, relying solely on chip hardware is far from enough; it also needs to improve its comprehensive strength on the entire system level.
The Helios platform has taken on this heavy responsibility.
This platform integrates AI accelerators, server processors, networking hardware, and supporting software into a rack system, directly targeting large data center projects.
In addition, AMD has officially announced that it will invest over $10 billion in Taiwan, strengthening advanced packaging technology, deepening supply chain collaboration, and paving the way for mass shipments of the next generation of AI accelerators and rack-level computing platforms.
Today, the competition for AI chips is no longer just about the chips themselves. Chip performance determines the upper limit of the chassis, the software ecosystem determines how much cost customers will incur to switch camps, and supply chain capabilities determine whether companies can fulfill large-scale deliveries as promised.
At this stage, AMD's primary goal is to capture more market share. As long as major clients are willing to allocate a portion of their new procurement shares to AMD, it can bring considerable revenue and stabilize its position as the second-largest supplier in the AI data center market.
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Export control-related restrictions continue to interfere with AMD's product sales in the Chinese market.
Previously, the US set up an export licensing system for certain high-performance AI chips, affecting AMD's domestic data center AI accelerators like MI308; the company has also recognized inventory-related losses as a result.
Subsequently, AMD obtained export licenses for certain products and is expected to resume deliveries by the end of 2025. In February 2026, it was once again authorized to export the MI325 data center AI accelerator to some domestic customers.
However, before the products can officially be shipped, they still need to go through multiple levels of review. Actual sales performance will also be influenced by domestic import regulations, customer actual demands, and policy changes. These variables will directly impact revenue, inventory levels, and gross margin performance.
After the financial report is released, the market will focus on AMD's tangible sales volume in the Chinese market and whether the management will include this revenue in the next quarter's performance guidance.
The revenue potential in the Chinese market is evident, but the uncertainty of policies makes it difficult to accurately predict this business segment. Meanwhile, domestic enterprises are also increasing their proportion of purchasing domestic AI chips, which will further squeeze AMD's future market survival space.
Let’s explore three different financial report outcomes and see what feedback the market will provide.
The first scenario is that the overall performance significantly exceeds market expectations.
If total revenue exceeds $11.5 billion, data center business maintains high growth, and gross margin stabilizes at 56% or even higher. If revenue, the data center segment, and gross margin all exceed expectations, while next quarter's performance guidance is adjusted upwards, AMD's grip on being the second in the AI industry will reach a new level.
However, if the final financial report performs moderately, the market's focus will shift to the progress of the next generation of AI accelerators and rack-level computing platforms. When large cooperative orders can be converted into actual revenue will become the main concern for everyone going forward.
AI investments have now reached the stage of performance confirmation.
Orders do not equal money; delivery must be completed to confirm revenue; revenue is merely a paper number, and ultimately it must be converted into profit and cash flow. Only companies that can effectively complete this entire chain can continue to receive funding favor in the upcoming AI market.
This concludes the content of this live broadcast.
Friends interested in this financial report can also look through the relevant information I have compiled.
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