AMD Q2 2025 Earnings Analysis
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AMD Q2 2025 Earnings Analysis
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JORDAN: Thanks Alex. And wow, what a quarter for AMD! They absolutely crushed it with record revenue of $7.7 billion - that's up 32% year-over-year and beat the midpoint of their guidance. But there's definitely a story of two halves here.
ALEX: Exactly right, Jordan. On one hand, you've got this incredible momentum in traditional semiconductors - record sales for both their EPYC server chips and Ryzen consumer processors. But then there's this big cloud hanging over their AI GPU business with those U.S. export controls to China. Let's break down the numbers first.
JORDAN: So the headline numbers look strong, but dig a little deeper and you see some complexity. They reported earnings per share of 48 cents, down from 69 cents last year. But here's the kicker - they took an $800 million inventory write-down related to those export restrictions on AI chips to China. Without that charge, gross margins would have been 54% instead of the reported 43%.
ALEX: That write-down is massive, Jordan. It's essentially AMD saying "we built all these high-end AI chips for China, but now we can't sell them." CEO Lisa Su mentioned that most of this wasn't finished goods sitting on shelves - it was work-in-process inventory that will take a couple quarters to work through if and when licenses get approved.
JORDAN: Right, and that's actually somewhat encouraging because it means they're not stuck with warehouses full of obsolete products. Speaking of AI chips, let's talk about what's working. Their new MI350 series started shipping in June - ahead of schedule - and Su sounded genuinely excited about customer adoption.
ALEX: The MI350 story is fascinating. Su mentioned they're seeing faster adoption than expected, with customers wanting to deploy at scale rather than the smaller pilot deployments they saw with the MI300 series. They're positioning the MI355 as competitive with NVIDIA's B200 and GB200 chips, claiming 40% more tokens per dollar for inference workloads.
JORDAN: And here's where it gets really interesting - they announced this massive collaboration with Saudi Arabia through something called HUMAIN, described as a "multibillion-dollar" AI infrastructure deal. Plus they mentioned over 40 active sovereign AI engagements globally. This could be a game-changer for AMD's positioning against NVIDIA.
ALEX: Absolutely. But let's not forget their bread and butter businesses, because those are absolutely on fire right now. Client and Gaming revenue jumped 69% year-over-year to $3.6 billion. That's driven by what Su called "record desktop CPU sales" with their Ryzen processors consistently topping bestseller lists.
JORDAN: The client story is particularly impressive because it's not just about volume - they're moving up-market. Revenue growth of 67% year-over-year in client CPUs is largely coming from higher average selling prices as they capture more premium segments. And they're finally making real inroads in enterprise PCs, which has been a tough nut to crack against Intel.
ALEX: Data center CPUs are another bright spot. Despite all the focus on AI GPUs, AMD set records for both cloud and enterprise CPU sales. Su mentioned they've now had 33 consecutive quarters of server market share gains. Think about that - that's over eight years of steady progress against Intel.
JORDAN: The guidance for Q3 is pretty telling too. They're calling for revenue of about $8.7 billion, which implies 28% year-over-year growth. The key driver is supposed to be that MI350 ramp we talked about, even withou
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