Welcome back to Opening Bell and we're happy you're here with us. Sam Burns, chief strategist, Mil Street Research, is with us because we're into December. We've so much to talk about.It's been sort of a really exciting few weeks. We wrapped up November with a quick rally. You know, the NASDAQ was up 5%, didn't squeeze out the gain, but the S&P and the Dow did that.Um, and now, you know, there's a lot of talk about what happens. Are we going to have a Santa Claus rally. What's your big picture feeling now f ...

The Advanced Micro Devices, Inc. ( AMD ) CEO doubled down on the idea that we are not in an AI bubble, butJames Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide inv ...

The Advanced Micro Devices, Inc. ( AMD ) CEO doubled down on the idea that we are not in an AI bubble, butJames Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide inv ...

The obvious picks might also be the right picks.Wall Street loves to hunt for hidden gems. But sometimes the best investments are hiding in plain sight -- the dominant players everyone already knows, but for which few appreciate just how much runway remains. As artificial intelligence (AI) spending accelerates into 2026, these three companies sit at the center of that capital flow.Here's why I think these three AI contenders are the best buys in the space right now. The infrastructure backboneNvidia (NVDA + ...

Nvidia (NVDA) continues to dominate headlines in the AI segment in 2025. However, TD Cowen believes investors should look elsewhere for the best opportunity in 2026. The investment firm has placed Advanced Micro Devices (AMD) on its coveted Best Ideas list, explaining that the chipmaker is being unfairly overlooked despite its widening AI moat. TD’s bullish stance centers on AMD’s upcoming product launches, including the Helios rack-scale platform and the MI450 accelerator, both expected in mid-2026. Thes ...

Lisa Su, chairwoman and CEO of Advanced Micro Devices (AMD), delivers the opening keynote speech at Computex 2024, Taiwan's premier tech expo, in Taipei on June 3, 2024. (Photo by I-Hwa CHENG / AFP) (Photo by I-HWA CHENG/AFP via Getty Images)AFP via Getty ImagesAdvanced Micro Devices (AMD) has been on an extraordinary run lately, with shares soaring 116%, in the past nine months, as enthusiasm around AI hardware continues to reshape the semiconductor landscape. Revenue is climbing, margins are rebounding sh ...

Advanced Micro Devices CEO Lisa Su on Thursday said the company has licenses to ship some of its MI 308 chips to China and is prepared to pay a 15% tax to the U.S. government if it ships them. ...

Core Viewpoint - Advanced Micro Devices (AMD) reported strong Q3 2025 earnings, with significant year-over-year revenue growth driven by data center, client, and gaming segments, despite a recent decline in share price [1][2][19]. Financial Performance - AMD's Q3 2025 non-GAAP earnings were $1.20 per share, exceeding estimates by 2.56%, and showing a 30.4% increase year-over-year and a 150% increase sequentially [2]. - Revenues reached $9.25 billion, surpassing estimates by 6.02%, with a year-over-year increase of 35.6% and a sequential increase of 20.3% [2]. Segment Performance - Data Center revenues grew 22.3% year-over-year to $4.34 billion, accounting for 47% of total revenues, with a sequential increase of 34% [3]. - The Client segment saw revenues rise 46.2% year-over-year to $2.75 billion, representing 29.7% of total revenues, with a sequential increase of 10% [8]. - The Gaming segment experienced a remarkable 181% year-over-year revenue surge to $1.3 billion, making up 14% of total revenues, with a sequential increase of 15.7% [9]. Strategic Partnerships and Innovations - AMD has established partnerships with major companies like OpenAI, AWS, and Oracle, enhancing its market position in AI and cloud computing [4][5][6]. - The launch of ROCm 7 software improved AI training and inference performance significantly, with up to 4.6 times higher inference and 3 times higher training performance compared to the previous version [7]. Gross Margins and Operating Income - Non-GAAP gross margin expanded by 40 basis points year-over-year to 54%, significantly better than the previous quarter's 43.3% [13]. - Adjusted EBITDA increased 28.8% year-over-year to $2.43 billion, with a sequential jump of 123.4% [13]. Cash Flow and Balance Sheet - As of September 27, 2025, AMD had cash and short-term investments of $7.24 billion, up from $5.87 billion in June [17]. - Free cash flow for Q3 2025 was $1.53 billion, with a free cash flow margin of 17%, reflecting a 200 basis point increase sequentially [18]. Future Guidance - AMD anticipates Q4 2025 revenues of approximately $9.6 billion, indicating year-over-year growth of about 25% and sequential growth of around 4% [19].

Can the smaller chipmaker continue to outperform its more famous peer in the new year?Longtime rivals Nvidia (NVDA +2.18%) and Advanced Micro Devices (AMD +0.43%) saw their fortunes vary in the artificial intelligence (AI) chip market over the past three years.Nvidia's early move into this market with its data center graphics cards, which enabled OpenAI to train ChatGPT in 2022, paved the way for remarkable growth in its top and bottom lines. What's worth noting is that Nvidia continues to reap the benefits ...

Summary of AMD Conference Call Company Overview - **Company**: AMD (Advanced Micro Devices) - **Industry**: Semiconductor, focusing on high-performance computing and AI Key Points and Arguments 1. **Strategic Shift**: AMD has strategically shifted its R&D focus towards high-performance computing and AI, resulting in data center business growth exceeding 60%, significantly above market averages, indicating sustained demand for computing power [2][4][9] 2. **Unique Technology Portfolio**: AMD is the only semiconductor company with CPU, GPU, and FPGA technologies, having pioneered large-scale production of triad technology, which enhances its competitive edge in the data center market [2][5] 3. **GPU Market Dominance**: Despite the value of ASICs in specific scenarios, AMD believes GPUs will dominate the accelerator market over the next five years due to their programmability and flexibility, with ASIC market share expected to be between 20%-25% [2][7] 4. **Customized Solutions**: AMD collaborates deeply with clients through semi-custom business models, leveraging its IP and client expertise to optimize specific workloads, rather than merely fulfilling client requests [2][8] 5. **Super Cycle in Computing**: AMD perceives the current phase as the early stage of a decade-long super cycle driven by computing power, with AI investments expected to enhance productivity and product optimization [2][9] 6. **Full-Stack Solutions**: Through acquisitions like ZT Systems and partnerships with Sanmina, AMD aims to provide full-stack solutions that reduce the time clients need to establish complex infrastructures [2][11] 7. **Collaboration with OpenAI**: AMD has partnered with OpenAI to optimize hardware and software design, which is expected to generate significant revenue, enhancing market recognition of AMD's technological capabilities [3][13] 8. **Client Diversity**: AMD operates as a general supplier, maintaining long-term relationships with major hyperscale computing companies, which mitigates concerns regarding customer concentration [14] 9. **CPU Market Trends**: Recent months have seen a significant increase in CPU demand, driven by a major update cycle and delayed AI-related capital expenditures catching up, suggesting substantial growth in the CPU market over the next four to five years [15][16] 10. **Future Market Share**: AMD is well-positioned to continue gaining market share in the data center sector, with the upcoming Venue CPU expected to further solidify its leadership [17] 11. **Client PC Market Ambitions**: AMD aims for ambitious market share growth in the client PC sector, currently holding a market share in the mid-high 20% range, with strong performance in the desktop gaming and high-end laptop markets [18] 12. **Memory Price Impact**: While rising memory prices may have minor effects, they are not expected to significantly impact overall market demand [19] 13. **Growth Bottlenecks**: Key factors that could limit growth include advanced technology access, high bandwidth memory, and power supply issues, particularly in data centers [20] Additional Important Insights - AMD's focus on integrating various computing units (CPU, GPU, FPGA) allows for flexibility in addressing different workloads, enhancing its innovation in AI and software investments across its product line [12] - The company emphasizes the importance of collaboration with clients to ensure successful outcomes and differentiate its offerings in a competitive landscape [14]