AMD Q4’25 Conference Call Notes
AMD Q4 2025 — What You Missed
Three things that matter from AMD’s call:
1. Server CPU is the sleeper story — Record share, record sell-through, Turin now >50% of server revenue. Enterprise EPYC deployments doubled in 2025. AI workloads are driving CPU demand in a way that’s durable. Lisa: “EPYC has become the processor of choice.”
2. MI450/Helios on track for H2 2026 — this is the real inflection — MI350 ramped well, but MI450 is the rack-scale play. Multiple multi-gigawatt discussions beyond OpenAI. “Vast majority” will be rack-scale solutions.
3. Long-term targets reaffirmed — $20+ EPS, 60%+ data center CAGR. “Tens of billions” in AI revenue by 2027. But semi-custom is a headwind (significant double-digit decline in FY26).
Full breakdown attached — including the Delta Sheet, Binders vs Narrative, Promise Ledger, and questions for next quarter.
