AMD posts $13.4 billion quarter as data-center sales nearly double

Advanced Micro Devices (AMD) reported record third-quarter revenue of $13.4 billion, up 45% from a year earlier, as sales in its Data Center segment rose 97% to a record $8.5 billion, according to a press release the chipmaker filed with the Securities and Exchange Commission (SEC) on Nov. 3. Under generally accepted accounting principles (GAAP), AMD earned $2.4 billion, or $1.46 a diluted share, up from $1.2 billion, or 75 cents, a year earlier. On an adjusted, non-GAAP basis, AMD said it earned $3.5 billion, or $2.09 a share, up 74%.

What’s driving it

AMD’s filing credits the Data Center gain to “strong demand for AMD EPYC processors and the launch of AMD Instinct MI450 Series GPUs,” its newest line of AI accelerators. Lisa Su, AMD’s chair and CEO, said in the release that “Data Center segment sales nearly doubled year-over-year,” and that “we expect growth to accelerate further in the fourth quarter as we scale Helios and ‘Venice’ production.”

AMD said Anthropic, Meta, Microsoft, OpenAI and Oracle Cloud Infrastructure “are running models and workloads on the first AMD Helios rackscale solutions,” which pair MI450 GPUs with 6th Gen EPYC processors. The rest of AMD’s business was mixed: Client and Gaming revenue fell 8% to $3.7 billion, with gaming down 40% on lower semi-custom and graphics sales, while Embedded revenue rose 29% to $1.1 billion.

GAAP gross margin was 54%, versus 56% on a non-GAAP basis. GAAP operating income was $2.8 billion, compared with $3.9 billion non-GAAP.

Our read

AMD’s own numbers show a company whose center of gravity has moved to AI infrastructure. Data Center sales made up nearly two-thirds of quarterly revenue, by our arithmetic from the release, and they grew more than twice as fast as AMD’s overall revenue, while the PC-and-console side shrank. That makes AMD’s results increasingly a read on how fast big AI labs and cloud providers are building, and less a read on consumer demand. The gap between GAAP and non-GAAP earnings deserves attention too. AMD’s reconciliation table excludes a $1.1 billion charge for the “change in fair value of warrant liability,” tied to warrants “issued to certain customers,” which AMD says is driven by changes in its stock price and other valuation assumptions. In other words, some customer deals carry equity-linked terms that now swing reported profit. The customer names on Helios come from AMD, not the customers, and the release gives no dollar figures for them.

Who has a stake

The AI developers and cloud providers AMD named as Helios users have a stake in whether a second GPU supplier can deliver at scale. AMD also lists pending deals: it “announced an agreement to acquire” World Labs and Taalas, an inference-chip developer; neither is described as completed. Shareholders of AMD will watch how the warrant liability moves from quarter to quarter.

What’s next

For the fourth quarter, AMD forecasts revenue of “approximately $17 billion, plus or minus 3%,” which it says would be about 66% higher than a year earlier at the midpoint, with non-GAAP gross margin of about 55%. That is a forecast, not a result, and AMD’s release cautions that actual results “could differ materially.” The next check is AMD’s fourth-quarter report.

Sources: AMD press release, “AMD Reports Third Quarter 2026 Financial Results” (Form 8-K Exhibit 99.1), Nov. 3, 2026; SEC EDGAR copy of AMD Form 8-K Exhibit 99.1, Nov. 3, 2026