AMD is set to report its fiscal second-quarter earnings after the market closes on Tuesday, August 4. Wall Street expects revenue of approximately $11.3 billion, representing growth of 47% year over year and 10% quarter over quarter. The company has guided for a non-GAAP gross margin of around 56%. $Advanced Micro Devices(AMD)$
AMD shares have rallied sharply this year, driven by strong server CPU demand and growing expectations for its next-generation AI infrastructure platform. The company has secured major commitments from Microsoft, Meta, OpenAI and Anthropic, but investors are still waiting to see when those agreements will begin contributing to revenue.
What to Watch
Q3 guidance could be the real earnings event. AMD’s Helios rack-scale AI systems are now in production, with customer shipments expected to begin during the second half of 2026. Microsoft plans to deploy Helios at scale through Azure, while Meta’s initial one-gigawatt deployment is also expected to begin later this year.
OpenAI expects to bring Helios online from the fourth quarter of 2026, while Anthropic plans to deploy up to two gigawatts of MI450-series GPUs beginning in 2027. Investors will be looking for clearer guidance on shipment timing, customer qualification and how quickly these commitments can turn into recognized revenue.
EPYC remains AMD’s near-term growth engine. Demand for server CPUs has strengthened as cloud providers and AI data centers expand their infrastructure. AMD has said server growth should accelerate as it increases supply to meet demand.
The company has also started ramping production of its sixth-generation EPYC “Venice” processors, built on TSMC’s 2-nanometer process. Since Venice was officially introduced after the second quarter ended, its impact will be reflected mainly in AMD’s second-half outlook rather than the reported quarter.
Options markets imply a post-earnings move of around 8.5%. The $500 level could become an important battleground after earnings, while downside positioning is concentrated around the $460-$475 range.
Will AMD rally or sell off after earnings?
How to Participate
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Click to vote. Guess where $Advanced Micro Devices(AMD)$ will move following its earnings report. If you get the correct answer, you may divide 1,000 Tiger Coins with other Tigers.
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Reply and share your view: Are you bullish or bearish on $Advanced Micro Devices(AMD)$ after earnings? Tell us why!
Prizes
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Event Period
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Ends: 4:00 AM SGT, August 5
Comments
My main focus is the guidance. While Microsoft, Meta, OpenAI, and Anthropic have announced major commitments, investors want clearer timelines for shipments and when those AI deals will translate into revenue. If the outlook falls short of elevated expectations, the stock could see profit-taking.
I'm still bullish on AMD's long-term prospects thanks to EPYC and its expanding AI roadmap. However, for this earnings report, I think expectations are simply too high, so I expect a short-term pullback. That's why my vote is RED.
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AMD's core valuation is backed by concrete multi billion dollar hardware infrastructure contracts with hyperscalers like $Meta Platforms, Inc.(META)$ . Meta has signed a contract of deploying 6 gigawatts of AMD Instinct AI accelerators alone. OpenAI has also committed to another 6 gigawatts of AMD Instinct AI accelerators.
Exciting times are ahead for AMD.🌈🌈🌈💰💰💰
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