Here are 1-3 brief analogies for Advanced Micro Devices (AMD):

• The Pepsi to Intel's Coca-Cola in the computer processor market.
• The chief rival to Nvidia for graphics cards and AI chips.

• Central Processing Units (CPUs): Microprocessors designed for personal computers, servers, and embedded devices, performing the core computations.
• Graphics Processing Units (GPUs): High-performance processors primarily used for rendering graphics, accelerating AI/ML workloads, and general-purpose computing in gaming, professional visualization, and data centers.
• Accelerated Processing Units (APUs): Single-chip solutions integrating both a CPU and a GPU to offer balanced performance for mainstream computing and compact devices.
• Chipsets: Components that facilitate communication between the CPU and other hardware within a computer system, including memory, storage, and peripherals.
• Field-Programmable Gate Arrays (FPGAs) & Adaptive SoCs: Programmable logic devices and System-on-Chips that can be reconfigured after manufacturing, utilized across various industries for custom hardware acceleration.

Advanced Micro Devices (AMD) primarily sells its processors, graphics cards, and chipsets to **other companies** (Business-to-Business, B2B) rather than directly to individual consumers in large volumes. These customer companies integrate AMD's components into their own products, such as personal computers, servers, and gaming consoles.

AMD's major customers include:

• Microsoft Corporation (Symbol: MSFT)
  • Purchases custom AMD processors and graphics for its Xbox gaming consoles.
  • Utilizes AMD EPYC processors for its Azure cloud data centers.
• Sony Group Corporation (Symbol: SONY)
  • Incorporates custom AMD processors and GPUs into its PlayStation gaming consoles.
• Dell Technologies Inc. (Symbol: DELL)
  • A major Original Equipment Manufacturer (OEM) that uses AMD CPUs and GPUs in its Alienware, Latitude, XPS, and other PC lines, as well as in its server products.
• HP Inc. (Symbol: HPQ)
  • Another leading OEM that integrates AMD processors and graphics into a wide range of its consumer and commercial desktop and laptop PCs.
• Amazon.com, Inc. (Symbol: AMZN)
  • Utilizes AMD EPYC processors in its Amazon Web Services (AWS) cloud data centers, offering instances powered by AMD architecture.
• Alphabet Inc. (Symbol: GOOGL)
  • Deploys AMD EPYC processors in its Google Cloud Platform data centers.
• Lenovo Group Ltd. (Publicly traded on HKEX, ADR symbol LNVGY)
  • A significant global PC OEM that uses AMD components across many of its desktop and laptop offerings.

• Taiwan Semiconductor Manufacturing Company (TSMC) - Symbol: TSM
• GlobalFoundries (GFS) - Symbol: GFS
• ASE Technology Holding Co. Ltd. (ASX) - Symbol: ASX
• Amkor Technology, Inc. (AMKR) - Symbol: AMKR
• ARM Holdings (ARM) - Symbol: ARM

Lisa Su, Chair and Chief Executive Officer

Dr. Lisa Su joined AMD in 2012 and was appointed President and CEO in October 2014, becoming Chair of the Board in February 2022. She previously served as Chief Operating Officer from July 2014 to October 2014. Prior to AMD, she held engineering and management positions at Texas Instruments, IBM, and Freescale Semiconductor. At IBM, where she spent 13 years, she rose to Vice President of the Semiconductor Research and Development Center and formed the company's Emerging Products group. She also served as Chief Technology Officer and later Senior Vice President and General Manager of the networking and multimedia group at Freescale Semiconductor. Dr. Su is widely recognized for orchestrating a significant turnaround at AMD by refocusing the company on high-performance computing and leading the development of the revolutionary Zen microarchitecture.

Jean Hu, Executive Vice President, Chief Financial Officer and Treasurer

Jean Hu has served as Executive Vice President, Chief Financial Officer, and Treasurer of AMD since January 2023. Before joining AMD, Ms. Hu held the CFO position at Marvell Technology Group Ltd. from August 2016 to January 2023. Her extensive financial leadership experience in the semiconductor industry includes previous CFO roles at QLogic Corporation (April 2011 to August 2016), where she also served as acting CEO during two transitional periods. She also held various senior positions, including CFO, Treasurer, and Senior Vice President of Business Development, at Conexant Systems, Inc. from 2004 to 2011.

Mark Papermaster, Executive Vice President and Chief Technology Officer

Mark Papermaster is the Executive Vice President and Chief Technology Officer at AMD, a role he has held since October 2011. He is responsible for AMD's technical direction, research and development, and product development roadmap. Papermaster played a pivotal role in the development of AMD's award-winning "Zen" CPU family and high-performance GPUs. His career prior to AMD includes senior leadership positions at Apple Inc., where he was Senior Vice President of Devices Hardware Engineering for the iPhone and iPod, and Cisco Systems as VP of Silicon Engineering. He also had a distinguished 26-year tenure at IBM, where he was involved in the development of PowerPC technology and blade server divisions.

Phil Guido, Executive Vice President and Chief Commercial Officer

Phil Guido serves as Executive Vice President and Chief Commercial Officer at AMD, having joined the company in 2023. In this role, he is responsible for driving AMD's commercial strategy and sales operations, focusing on market growth and customer engagement. Before his time at AMD, Mr. Guido held various leadership positions at IBM, including General Manager & Global Managing Partner, Strategic Sales.

Forrest Norrod, Senior Vice President and General Manager, Data Center and Embedded Solutions Business Group

Forrest Norrod is the Senior Vice President and General Manager of AMD's Data Center and Embedded Solutions Business Group. In this position, he is responsible for the company's datacenter and embedded products, aligning them with the strategic direction and market demands of these critical segments.

The accelerating trend of major hyperscale cloud providers and other large customers developing their own in-house CPUs and AI accelerators. Companies such as Amazon (Graviton CPUs, Trainium/Inferentia AI accelerators), Google (Tensor Processing Units - TPUs, Tensor SoCs), and Microsoft (Maia AI accelerators, Cobalt CPUs) are increasingly designing and deploying custom silicon optimized for their specific workloads. This directly reduces the total addressable market for merchant silicon providers like AMD, as these significant customers opt to build rather than buy general-purpose or specialized chips for their extensive data centers and services.

Advanced Micro Devices (AMD) operates in several significant addressable markets globally:

• Data Center AI Accelerators (GPUs/XPUs): The total addressable market (TAM) for data center AI chips is projected to reach $400 billion by 2027 globally. This market is anticipated to exceed $500 billion by 2028. Another estimate places the AI chip market at $475 billion by 2030, globally. For 2023, the total addressable market for data center AI accelerators was estimated at $45 billion. The AI accelerator TAM is expected to grow at a 40-50% compound annual growth rate (CAGR).
• Data Center CPUs (EPYC processors): The global server CPU market is estimated to be $50 billion.
• Graphics Processing Units (GPUs) - Overall: The global GPU market was valued at approximately $70 billion in 2024 and is projected to reach $237.50 billion by 2030, growing at a CAGR of 22.58%. Another report indicates the global graphic processing unit market size is projected to grow from $61.58 billion in 2024 to $461.02 billion by 2032.
• Gaming GPUs: The global gaming GPU market size is expected to reach $144.9 billion by 2034, growing from $5.5 billion in 2024, at a CAGR of 38.70%. Separately, the gaming GPU market size is estimated at $4.89 billion in 2025 and is expected to reach $20.98 billion by 2030.
• Embedded Processors/Systems: The global embedded systems market size was valued at $110 billion in 2024 and is estimated to grow at a 6.4% CAGR from 2025 to 2034. More specifically, the global embedded processor market size was valued at $23.4 billion in 2024 and is projected to reach approximately $39.87 billion by 2033. The embedded x86 processor opportunity is estimated at $8.5 billion per year, with an anticipated expansion at a 3-5% CAGR over the next five years, globally.

Advanced Micro Devices (AMD) is expected to drive significant revenue growth over the next 2-3 years through several key areas:

1. Accelerated Demand for AI Accelerators and Strategic Partnerships: AMD anticipates substantial revenue growth from its Instinct MI series GPUs, including the MI350 and the upcoming MI400 series. The company has secured significant partnerships, such as a deal with OpenAI to deploy six gigawatts of AMD GPUs and an agreement with Oracle for the initial rollout of 50,000 MI450 chips in Oracle Cloud Infrastructure, with further expansion planned from 2027 onward. Analysts forecast AMD's AI GPU business to reach tens of billions of dollars in annual revenue, with some projections suggesting $30 billion annually by 2026 due to the OpenAI deal alone.
2. Robust Growth in the Data Center Segment: The data center segment, fueled by strong demand for AMD's EPYC CPUs and Instinct GPUs, continues to be a primary revenue driver. The ramp of fifth-generation EPYC Turin processors and sustained demand for fourth-generation EPYC CPUs have contributed to this growth, with the data center segment revenue nearly doubling in 2024. AMD expects continued share gains in this segment from hyperscale and enterprise customers.
3. Expansion and Innovation in the Client (PC) Segment: The strong demand for AMD's Ryzen processors, including the latest Zen 5 architecture, Ryzen 9000 series, and new Ryzen AI Max, AI 300, and 200 Series processors for AI PCs, is a significant growth catalyst. AMD has consistently gained market share in the client CPU market, driven by higher-end desktop and mobile Ryzen processors and increased commercial PC adoption. The company expects strong sequential growth in this segment.
4. Turnaround and Demand in the Gaming Segment: After some declines, the gaming segment is projected to return to growth, driven by strong demand for AMD Radeon GPUs and semi-custom chips for gaming consoles. The company is on track to launch the first RDNA 4 GPUs in early 2025, which are expected to deliver improved gaming and ray tracing performance, along with new AI capabilities.

Share Repurchases

• Advanced Micro Devices (AMD) authorized a new $6 billion share repurchase program in May 2025, increasing the total current repurchase authority to approximately $10 billion, including the remaining balance of an existing program.
• The company executed share repurchases of $862 million in 2024 and $985 million in 2023.
• AMD resumed share buybacks in May 2021 with a $4 billion program, marking the first such program in 20 years, aimed at offsetting dilution and returning capital to shareholders.

Share Issuance

• AMD issued a significant number of shares for the all-stock acquisition of Xilinx, completed in February 2022, valued at approximately $50 billion. Xilinx shareholders received 1.7234 shares of AMD for each Xilinx share.
• In April 2025, AMD registered a secondary offering of 9.1 million shares on behalf of selling stockholders related to the ZT Group acquisition, from which AMD itself did not receive any proceeds.
• As part of a strategic partnership with OpenAI in October 2025, AMD issued warrants for up to 160 million shares (approximately 10% of current outstanding shares), which are structured to vest upon the achievement of specific milestones.

Inbound Investments

• In May 2025, AMD entered into a $10 billion collaboration with Humain, a Saudi Arabian government AI company, to deploy 500 megawatts of AI hardware infrastructure over five years.
• In October 2025, AMD granted OpenAI the option to acquire a 10% stake in the company (up to 160 million shares at a token price of $0.01 per share), contingent on meeting performance targets and the deployment of AMD's AI processors.

Outbound Investments

• AMD acquired Xilinx for an estimated $35 billion (later cited as $50 billion) in an all-stock transaction completed in February 2022.
• The company acquired Pensando Systems for $1.9 billion in May 2022 to expand its data center portfolio with high-performance data processing units (DPUs) and software.
• AMD made several AI-focused acquisitions to bolster its capabilities, including ZT Systems for $4.9 billion in August 2024, Silo AI for $665 million in July 2024, and Nod.ai in October 2023.

Capital Expenditures

• AMD's annual capital expenditures were $636 million in 2024, $546 million in 2023, and $450 million in 2022.
• The latest twelve months (LTM) capital expenditures as of June 2025 were $834 million.
• Capital expenditures are primarily focused on investing in physical assets, research and development, and expanding its presence in AI and data center markets, including ramping up capacity for its MI450/Helios platforms.