AMD & Apple Earnings
Deep Dives
Explore related topics with these Wikipedia articles, rewritten for enjoyable reading:
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Lisa Su
13 min read
As AMD's CEO driving their AI chip strategy against Nvidia, understanding her background, leadership style, and track record at AMD provides crucial context for evaluating the company's competitive positioning discussed in the article
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Graphics processing unit
15 min read
The article centers on AMD's Instinct GPU line competing for AI workloads. Understanding GPU architecture, parallel processing capabilities, and why GPUs became essential for AI training illuminates the technical stakes of the AMD vs Nvidia competition
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Fabless manufacturing
12 min read
AMD operates as a fabless semiconductor company, relying on partners like TSMC for manufacturing. This business model fundamentally shapes AMD's cost structure, product roadmap timing, and competitive dynamics mentioned in the earnings analysis
So many important earnings calls lately. Let’s start at the front of the phonebook with the A’s.
First, AMD. Investors remain unimpressed with Instinct sales until MI450 ships, but that doesn’t mean AMD isn’t moving the ball forward. We’ll break that down, and what to watch for at AMD’s upcoming Financial Analyst Day.
Then Apple. A classic “traditional Apple” quarter, driven by the iPhone 17 launch. But… what about AI?
If you’re not sure how to think about AMD between now and the MI450 launch… keep reading.
AMD Q32025 - Instinct is gaining steam, even if it’s hard to see
From Bloomberg,
Advanced Micro Devices Inc. failed to impress investors with its revenue outlook, halting a blistering run-up in its shares this year and adding to the concerns over an AI-fueled bubble.
Investors betting on the AI boom had been piling money into AMD in particular following blockbuster agreements with OpenAI and Oracle Corp., both of which plan to use the company’s chips in their buildout of AI computing. Some had seen the deals as a sign that AMD might finally crack Nvidia’s dominance in the AI processor market, sending the shares soaring by more than 100% this year. The company’s market valuation has more than doubled to $409 billion since June.
But Tuesday’s outlook signals that AMD’s payoff may come slower than some had anticipated.
Investors wanted a clean GPU headline. Instead, the first line of the earnings release focused on CPUs.
“We delivered an outstanding quarter, with record revenue and profitability reflecting broad based demand for our high-performance EPYC and Ryzen processors and Instinct AI accelerators,” said Dr. Lisa Su, AMD chair and CEO
To be fair, client and server CPU revenue were exceptionally strong. But the messaging order still downplayed what could be the most consequential business in AMD’s history: Instinct GPUs!
Again, the ordering was backward on the earnings call too. From the top,
CEO Lisa Su: Thank you, Matt, and good afternoon to all those listening today. We delivered an outstanding quarter with record revenue and profitability, reflecting broad-based demand across our data center AI, server and PC businesses. Revenue grew 36% year-over-year to $9.2 billion. Net income rose 31%, and free cash flow more than tripled led by record EPYC, Ryzen and Instinct processor sales.
Stacy Rasgon poked on this:
Stacy Rasgon: For data center in the quarter, what grew more year-over-year
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