AMD's Story Is The Same, But Its Storyteller Isn't

Same destination, better company for the ride.

A Stronger But Still Waiting Data Center Play

After AMD’s AMD 0.00%↑ recent Q1 report, the thesis I’ve built over the last several quarters hasn’t changed, but it has taken on some new aspects. In the unchanged department, Helios still ships in 2H26 and triggers a long-awaited Data Center AI revenue inflection. But the new aspects have raised the stakes on two fronts. One front is the addition of Meta Platforms META 0.00%↑ as a second-named 6GW anchor partner alongside OpenAI, while the second is management disclosed customer forecasts are now exceeding its own initial projections. The fundamentals continue to solidify, but nothing has gotten exciting in the near-term. Yet, the stock continues to run without looking back, begging the question, where are we in the overall move?

These couple of developments are interesting because it lends credence to what AMD has been building toward over the last few years. To this point, DC numbers have been anything but world-stage - that’s been Nvidia’s NVDA 0.00%↑ territory. But, the reason the Meta announcement is key is while the now two 6GW deals look congruent, financially, they aren’t, and the difference is key to locking in 2H ‘26 and all of FY27.