Lisa Su

Lisa Su said AMD positions itself as a data center first company, prioritizing that business.

We are a data center first company; that is our profile.

Lisa Su said demand for computing keeps growing as applications multiply.

People need more computing to power all these applications.

Lisa Su characterized the market's reaction, including the post-midterm selloff, as short-sighted, signaling confidence in AMD's long-term prospects.

Lisa Su said the market is “short-sighted.”

Su said demand exceeds supply, so supply constraints are the main risk to AMD's 2027 growth guidance.

Su said demand is higher than supply, so if AMD can't build chips fast enough, 2027 growth could fall short of its guide.

Lisa Su said the market can be short-sighted in its jitters about AI demand sustainability, and she sees no signs of caution in AMD's business.

I think the market can sometimes be a little bit short-sighted. It is what it is.

Su argues compute equates to intelligence, so investing ahead of the curve with a three-to-five-year horizon is the right strategy.

What I look at is in the long term, if you believe, which I do, I believe very deeply that computing, in many ways, equates to intelligence. So the more compute you have, the more intelligent your company is, the more problems you're going to be able to solve, the more you're going to accelerate your business. If you believe that foundation, then investing ahead of the curve is the right thing to do because we're always investing for the long term — long term being three to five years and beyond.

Su expects AI and superintelligence to become essential to every aspect of life and business, and believes ecosystem investments reflect this demand.

Over the horizon, I see AI and super intelligence becoming more and more essential to every aspect of our lives and every aspect of our business. So I believe in this demand, and I very much believe that many of the investments that are being made throughout the ecosystem are also seeing some of these same trends.

Lisa Su says AI adoption is moving so fast that formerly static annual plans have become dynamic, which is driving AMD's demand surprise.

with AI and the progress that we're making through AI adoption, uh, throughout the industry, uh, what we're seeing is what used to be, let's call it, you know, fairly static plans, are now actually becoming pretty dynamic. Um, you're not realizing how fast the adoption curve is going.

Su says AMD's data center business will grow 50% sequentially in Q4 and aims to more than double next year, positioning AMD as data center first.

being able to say that my data center business is going to grow 50% sequentially from Q3 to Q4, uh it's a big step up and it's a a testament to how important computing is um in the industry today and you know, we're looking to double the business, more than double the business as we go into next year. Uh we are a data center first company

Su calls the market short-sighted on AI spending concerns and argues compute equates to intelligence, justifying investing ahead of the curve.

I think the market can sometimes be a little bit short-sighted, uh and look, it it is what it is. Um, what I look at is in the long term, if you believe, which I do. I believe, uh, very, you know, deeply that computing in many ways equates to intelligence. So the more compute you have, the more intelligent you are

Su believes AI and superintelligence will become essential to every aspect of life and business, underpinning sustained demand and ecosystem investment.

over the horizon, I see um AI and super intelligence becoming more and more essential to every aspect of our lives and every aspect of our business. So I believe in this demand and I very much believe that uh you know, many of the investments that are being made throughout the ecosystem are also seeing some of these, you know, same trends.

Lisa Su said AMD's server CPU business will roughly double next year, while its data center AI business will grow significantly more than double.

CEO Lisa Su added that its server CPU business will about double, driven by higher unit shipments and higher core counts, while its data center AI business will "significantly more than double."

Lisa Su says that after the midterm backlash against data centers, the tech industry must clearly show every host community the value of AI infrastructure so that everyone benefits.

At the end of the day, what we need to do is ensure that everybody wins from AI. I do think this is an opportunity for us as a tech industry to realize that we need to make sure that the value proposition is clear to every local community that is going to host a data center, and I believe we can do that.

Lisa Su says compute demand is intense, with a very strong order pipeline and demand exceeding supply.

we are in a place Jim where I think there is a um intense need for more compute and when we look at that uh we are seeing a very strong order pipeline. We are actually seeing the uh demand being higher than supply

Su says AMD has landed its first racks at top customers including Anthropic, OpenAI, Microsoft, Oracle and Meta, who are seeing great performance.

we have actually landed our first racks at our top customers including uh anthropic openai Microsoft Oracle Meta and these customers are seeing great performance out of our newest products.

Su expects AMD's business to grow over 80% next year, more than double its long-term model.

We see our business growing over 80% uh next year which is a very significant number. It's over double of our long-term model

Su argues AI adoption is at the very beginning and will require CPUs, GPUs and accelerators together, which is AMD's specialty.

we're at the very beginning of the adoption cycle where people are seeing where you know AI and super intelligence can really take us and for that you need all kinds of compute. You need CPUs, you need GPUs, uh you need all of these accelerators to come together and this is what we specialize in.

Lisa Su says AMD is in very active discussions with its largest customers about the MI500, MI600 and later accelerators.

We’re in very active dialogs with our largest customers on MI500 and MI600 and beyond.

Su expressed confidence that AMD can sustain very strong revenue growth and expanding profitability over the coming years, citing its product portfolio and customer and supply chain ties.

With our leadership product portfolio and deep customer and supply chain relationships, we are confident in our ability to sustain very strong revenue growth and expanding profitability over the coming years.

Lisa Su said demand for Instinct and EPYC keeps strengthening, expects growth to accelerate in Q4 as Helios and Venice scale, and is confident in sustaining very strong growth and expanding profitability.

Demand for our Instinct and EPYC products continued to strengthen, and we expect growth to accelerate further in the fourth quarter as we scale Helios and 'Venice' production. With our leadership product portfolio and deep customer and supply chain relationships, we are confident in our ability to sustain very strong revenue growth and expanding profitability over the coming years.

Lisa Su said PC sell-through slowed late in the quarter as higher memory and component costs weighed on demand.

PC sell-through slowed late in the quarter as higher memory and component costs weighed on demand.

Lisa Su said AMD is planning on the PC market declining by a double-digit percentage in 2027.

Our planning assumption for 2027 is that the market will be double-digit percentage down.

Su says AI agents are becoming the next killer app for cloud CPUs, driving sharp growth in EPYC demand.

Cloud providers also added significant EPYC capacity in the quarter for personal and enterprise agents, which are quickly becoming the next killer app for CPUs in the cloud. Meta's Muse and OpenAI's Dots illustrate how quickly personal agents are growing with more than 10 million people activating Muse agents in the first 6 weeks.

Su raised 2027 expectations: server revenue to double and data center AI to grow faster, with data center above 80% of revenue.

We now expect server revenue to double year-over-year in 2027 and data center AI revenue to grow even faster than we projected 90 days ago. As a result, we expect data center to be more than 80% of our total revenue in 2027 and to drive the majority of our revenue and earnings growth.

Su acknowledges demand exceeds supply and says AMD is working with supply chain partners to expand capacity.

It is true that demand is higher than supply. So we continue to work with our supply chain partners to increase supply. And I do believe that there is a good opportunity for us to do that, just given the strong relationships we have throughout the ecosystem.

Su warns rising component costs will hit consumer PCs, planning for a double-digit market decline in 2027.

Our view is this is one of those times when component prices go up, it affects overall system pricing. One would expect the consumer markets to be more sensitive to that. And so our planning assumption for 2027 is that the market will be double-digit percentage down.

Su says Helios's TCO advantage is the key factor in customers choosing AMD over custom ASICs.

we feel extremely good about where we're positioned in terms of our performance and our total cost of ownership that we're delivering with Helios. That is fundamentally the most important factor when we think about sort of deployment scale and deployments going forward.

Su says HBM and component cost inflation is real and AMD is working with customers to share the costs.

other component costs are also seeing some inflationary pressures in the sense of as there is more CapEx that's put into the overall supply chain environment. We are also working with our customers to include -- to ensure that those costs are shared as we go forward.

Su aims for AMD to capture a larger share of frontier labs' and hyperscalers' compute needs via Helios, MI500 and MI600.

Our aspirations are to be a very significant compute supplier to our largest customers, both frontier labs as well as hyperscalers. And our aspirations are to continue to have a larger and larger piece of their compute needs. And from everything that we see, demand continues to go up.

Lisa Su said AMD expects its data-center server CPU revenue to double in 2027.

it expects revenue from its data-center server central processing units to double in 2027

Lisa Su said rising component prices are lifting system prices and slowing consumer sell-through, since consumer markets are more price sensitive.

Our view is, this is one of those times – when, you know, component prices go up, it affects overall system pricing. One would expect the consumer markets to be more sensitive to that, and so we have seen a bit of a slowdown in the sell-through,

Lisa Su said AMD is planning for the 2027 PC market to be down, with a double-digit percentage decline, given the current environment.

We are planning with the current environment for a down year for 2027.

Lisa Su said AMD expects revenue to grow more than 80% in 2027, with data center the largest contributor.

grow more than 80% in 2027,

Lisa Su said customer engagements for AMD's next-generation Instinct MI500 GPUs continue to progress very well.

customer engagements for its next-generation Instinct MI500 graphics processing units "continue to progress very well."