AMD Q1: Doubled CPU TAM, Helios Incoming for Q4

AMD's offered a clear inflection this evening with $10.3B revenue (+38% Y/Y), EPS of $1.37 (+43%), and free cash flow tripling to $2.6B. Data Center saw a resurgence following the CPU boom, with $5.8B in revenue (+57%) and operating margin in the segment expanding to 28%. The most important update was the server CPU TAM revision: from about 18% CAGR to more than a 35% CAGR. Management doubled their forecast from $60 billion on the November analyst day to $120 billion by 2030. Management framed this as Agentic AI driving incremental CPU demand rather than GPU substitution. Q2 server CPU revenue is guided to grow over 70% Y/Y.

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