AMD originally set its sights on a $300 billion addressable market for high-performance computing back at its 2022 Financial Analyst Day. Fast forward to mid-2026, and the company hasn’t just hit that target. It’s blown past it, riding a wave of AI demand that has reshaped the entire semiconductor landscape.
The chipmaker posted Q1 FY2026 total revenue of $10.253 billion, a 38% year-over-year jump. Its Data Center segment pulled in $5.775 billion, up 57% from the same period a year earlier. Non-GAAP earnings per share landed at $1.37.
The deals driving the surge
The company secured separate agreements with Meta and OpenAI for up to 6 gigawatts of GPU capacity for its Instinct accelerators. Meta’s deal involves a custom MI450 GPU, suggesting AMD is willing to co-design silicon for its largest customers. Shipments from both agreements are expected to ramp during the second half of 2026.
AMD’s stock performance reflects this shift in competitive dynamics. From early July 2025 to early July 2026, shares surged approximately 274%. For context, Nvidia’s stock gained about 24% over the same period.
