AMD Q2: Venice Meets Helios in 2H26 and 2027

AMD’s Q2 revenue reached a record $11.5 billion, up 50% year-over-year, while data center more than doubled to $6.7 billion. As a percentage of revenue, data center is at 58% of total revenue up from 42% a year ago. The company guided for Q3 revenue of approximately $13 billion, implying 41% YoY growth and 13% sequential growth. Management now expects server CPU to grow more than 70% next year while total data center revenue will grow “well over 100%.” The difference is being driven by data-center AI, where Helios and the MI450 will grow materially faster than the strong CPU growth, stating: “And we do expect the overall data center business to be well over 100%. And the well over 100% comes because the data-center AI business is going to be well over 100% just given the strength of our strategic customers, the ramp of Helios and all of the things that we've talked about.” Consider that two important, strategic product releases will arrive around the same time: the new Venice CPUs and the highly anticipated Helios MI400 Series.