AMD: The Reset Was Overdue

The Techie 5.28K Followers Follow Summary Advanced Micro Devices, Inc. delivered record 2Q revenue of $11.5 billion, beating consensus, with data center revenue more than doubling year over year. Despite strong results and a robust Q3 guide, AMD stock fell due to concerns over flat gross margin guidance and the Helios ramp calendar pushing major revenue into next year. Data center AI accelerator and server CPU markets are expected to grow over 45% and 50% annually, with AMD’s anchor customer list expanding and Helios demand tracking ahead of forecasts. AMD stock valuation remains elevated with a forward P/E of 69.4x. I hereon share my sentiment on AMD and why I see further upside after the pullback as investors digest near-term risks and future growth potential. Robert Way/iStock Editorial via Getty Images Advanced Micro Devices, Inc. ( AMD ) reported Q2 '26 on Tuesday after the bell and cleared every bar the print was supposed to clear. Revenue, earnings, and the Q3 guide all landed above consensus, and This article was written by The Techie 5.28K Followers Follow I’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like my service to revolve around is momentum. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.