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1、USA|SemiconductorsAdvanced Micro DevicesEquity ResearchAugust 5,2025 BlayneCurtis*|Equity Analyst(212)336-7493|EzraWeener*|Equity Associate(917)344-1860|CrawfordClarke,CFA*|Equity Associate+1(212)336-7399|AlexFernandez*|Equity Associate+1(212)778-8731|FY(Dec)2024A2025E2026E2027ECons.EPS3.313.935.847

2、.40EPS3.313.805.466.53Rev.(MM)25,785.032,769.638,602.044,068.2Cons.Rev.25,785.032,391.438,212.346,102.1Gaming Picks up the Slack as AI Outlook HoldsSteadyResults largely in-line with less upside in AI than some investors were hoping forthough 2H25 ramp for MI355x still seems on track.Client and Serv

3、er Revenuecontinue to perform well but Gaming(Graphic and Semi-custom)the largestsource of upside for both June and September.AI outlook didnt show the sort of upside some investors were looking for but$3.5B-$4.0B MI355xrevenue opportunity for 2H25 still intact.Client continues to perform well with

4、revenue share gainsin PCs tied to significant ASP increases as AMD expands into the premium notebook segment.Gaming revenue also showing upside as Semi-custom business rebounded driven by normalizationin console inventories with Y/Y growth set to accelerate in September.Capital intensity clearly ris

5、ingfor the business with Opex heading higher tied to R&D for AI expansion opportunities likely weighingon OM.Altogether our estimates outside of Gaming remain largely unchanged and will look forfurther clarity on AI traction before getting more bullish.Better June Revenue Tied to Recovery in Gaming

6、Business:June revenue reported ahead at$7.69B(+3%Q/Q,vs St.$7.42B),driven by strength Gaming.Data Center was in-line with Street at$3.24B(-12%Q/Q)as strength in Server helped offset headwinds tied to MI308x.Client reportedbelow at$2.49B(+9%Q/Q,vs St.$2.56B).Gaming reported well ahead at$1.12B(+73%Q/