Category: 3. Business

At Financial Analyst Day, AMD outlines long-term plan to expand data center and AI leadership with greater than 35% revenue CAGR and greater than $20 non-GAAP EPS target

NEW YORK, Nov. 11, 2025 (GLOBE NEWSWIRE) — Today at its Financial Analyst Day, AMD (NASDAQ: AMD) showcased its long-term strategy, leadership products and technology IP, underscoring the company’s momentum in driving accelerated growth and delivering long-term shareholder value.

“AMD is entering a new era of growth fueled by our leadership technology roadmaps and accelerating AI momentum,” said Dr. Lisa Su, AMD chair and CEO. “With the broadest portfolio of products and our deepening strategic partnerships, AMD is uniquely positioned to lead the next generation of high-performance and AI computing. We see a tremendous opportunity ahead to deliver sustainable, industry-leading growth. We have never been better positioned.”

Product Leadership and Momentum

AMD highlighted its leadership across a broad portfolio of hardware, software and solutions to power the full spectrum of high-performance and AI compute.

Data Center

• The AMD Instinct™ MI350 Series GPUs represent the fastest ramping product in company history, already deployed at scale by leading cloud providers including Oracle Cloud Infrastructure. The upcoming “Helios” systems with AMD Instinct MI450 Series GPUs are expected to deliver rack-scale performance leadership with industry leading memory capacity and scale-out bandwidth¹ beginning in the third quarter of 2026, followed by the MI500 Series, further extending AMD’s AI performance roadmap with a planned launch in 2027.
• AMD is accelerating server CPU revenue share gains across cloud and enterprise, on a path to market segment leadership, with the proven performance, scalability and efficiency of AMD EPYC™ processors. As AI adoption creates new demand for CPUs, next-generation “Venice” CPUs are designed to deliver the performance, density and energy efficiency to power AI and general-purpose infrastructure.
• AMD networking solutions power AI at scale, with Pensando™ Pollara and next-generation “Vulcano” AI NICs. Both deliver industry-leading bandwidth for scale-up and scale-out networking with true platform flexibility based on industry standards.

Open Software

• AMD ROCm™ open software continues to gain developer momentum. AMD is delivering significant performance and feature enhancements with every release, and the number of ROCm software downloads has increased 10x year-over-year².

Client and Gaming

• AMD has expanded its AI PC portfolio 2.5x since 2024, with AMD Ryzen™ now powering more than 250 platforms across notebooks and desktops. Adopted by over half of the Fortune® 100, AMD Ryzen continues to drive commercial momentum³. AMD shared new details about its client processor roadmap, highlighting that AI PCs are expected to reach an AI performance inflection point with next-generation “Gorgon” and “Medusa” processors, delivering up to 10x gains since 2024⁴.

Embedded

• AMD offers the industry’s broadest adaptive and embedded portfolio, spanning FPGAs, embedded x86 processors and semi-custom solutions. Since 2022, AMD has secured over $50 billion in design wins and is well positioned to accelerate AI-driven growth from cloud to edge. Semi-custom solutions and physical AI opportunities will expand long-term growth over the coming years.

Technology Leadership

• AMD detailed how it will extend its chiplet, packaging, interconnect and open ecosystem innovation to drive accelerated AI performance and efficiency and introduced its 5^th Gen AMD Infinity Fabric technology, delivering scale-in, scale-up and scale-out leadership.
• AMD shared extended roadmaps across x86 CPUs, data center and gaming GPUs and NPUs.

Long-Term Growth Targets
AMD detailed a transformative long-term financial model based on its strategic financial priorities: accelerating revenue growth, delivering compelling profitability expansion and allocating capital to drive AI leadership. The company outlined the following growth targets for the next three to five years:

• At the company level, AMD expects to drive a greater than 35% revenue compound annual growth rate (CAGR), a non-GAAP operating margin greater than 35%, and non-GAAP earnings per share exceeding $20.
• Based on its leadership product portfolio, AMD expects to deliver a greater than 60% revenue CAGR for its data center business and greater than 10% revenue CAGR across its Embedded and Client and Gaming businesses.
• As AMD extends its multi-generational AMD EPYC CPU portfolio, it is positioned to lead the server market and expects to achieve more than 50% server CPU revenue market share. In data center AI, AMD aims to drive revenue CAGR of more than 80%, powered by strong customer momentum and next-generation AMD Instinct products and systems.
• Across Client and Gaming, AMD continues to strengthen its leadership with expanding enterprise adoption and a growing portfolio of AMD Ryzen processors. The company expects to exceed 40% client revenue market share while building on a base of more than one billion AMD-based gaming devices⁵ and three generations of leadership consoles.
• AMD is also extending its leadership in adaptive computing, expects to exceed 70% revenue market share and plans to expand its Embedded segment opportunities to include growth from embedded x86 and semi-custom silicon markets.

Supporting Resources

• Watch the Financial Analyst Day replay and access executive presentations here
• Read more about AMD data center leadership here
• Read more about AMD embedded business transformation here
• Read more about client and gaming momentum here
• Read more about AMD technology innovation here

About AMD
For more than 55 years AMD has driven innovation in high-performance computing, graphics and visualization technologies. Billions of people, leading Fortune 500 businesses and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn, Facebook and X pages.

CAUTIONARY STATEMENT

This press release contains forward-looking statements concerning Advanced Micro Devices, Inc. (AMD) such as, AMD’s position to drive accelerated growth and deliver long-term value to its shareholders; AMD’s expected leadership in high-performance and AI computing; expectations of its financial plans and long-term financial model including compound annual growth rate, revenue market share, non-GAAP operating margin and non-GAAP earnings per share; AMD’s ability to achieve its strategic priorities; AMD’s expected growth and total addressable market; expected customer and market share opportunities; and the features, functionality, performance, availability, timing and expected benefits of future AMD products, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as “would,” “may,” “expects,” “believes,” “plans,” “intends,” “projects” and other terms with similar meaning. Investors are cautioned that the forward-looking statements in this press release are based on current beliefs, assumptions and expectations, speak only as of the date of this press release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. Such statements are subject to certain known and unknown risks and uncertainties, many of which are difficult to predict and are generally beyond AMD’s control, that could cause actual results and other future events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Material factors that could cause actual results to differ materially from current expectations include, without limitation, the following: competitive markets in which AMD’s products are sold; the cyclical nature of the semiconductor industry; market conditions of the industries in which AMD products are sold; AMD’s ability to introduce products on a timely basis with expected features and performance levels; loss of a significant customer; economic and market uncertainty; quarterly and seasonal sales patterns; AMD’s ability to adequately protect its technology or other intellectual property; unfavorable currency exchange rate fluctuations; ability of third party manufacturers to manufacture AMD’s products on a timely basis in sufficient quantities and using competitive technologies; availability of essential equipment, materials, substrates or manufacturing processes; ability to achieve expected manufacturing yields for AMD’s products; AMD’s ability to generate revenue from its semi-custom SoC products; potential security vulnerabilities; potential security incidents including IT outages, data loss, data breaches and cyberattacks; uncertainties involving the ordering and shipment of AMD’s products; AMD’s reliance on third-party intellectual property to design and introduce new products; AMD’s reliance on third-party companies for design, manufacture and supply of motherboards, software, memory and other computer platform components; AMD’s reliance on Microsoft and other software vendors’ support to design and develop software to run on AMD’s products; AMD’s reliance on third-party distributors and add-in-board partners; impact of modification or interruption of AMD’s internal business processes and information systems; compatibility of AMD’s products with some or all industry-standard software and hardware; costs related to defective products; efficiency of AMD’s supply chain; AMD’s ability to rely on third party supply-chain logistics functions; AMD’s ability to effectively control sales of its products on the gray market; impact of climate change on AMD’s business; impact of government actions and regulations such as export regulations, import tariffs, trade protection measures and licensing requirements; AMD’s ability to realize its deferred tax assets; potential tax liabilities; current and future claims and litigation; impact of environmental laws, conflict minerals related provisions and other laws or regulations; evolving expectations from governments, investors, customers and other stakeholders regarding corporate responsibility matters; issues related to the responsible use of AI; restrictions imposed by agreements governing AMD’s notes, the guarantees of Xilinx’s notes and the revolving credit agreement; impact of acquisitions, joint ventures and/or strategic investments on AMD’s business and AMD’s ability to integrate acquired businesses, including ZT Systems; impact of any impairment of the combined company’s assets; political, legal and economic risks and natural disasters; future impairments of technology license purchases; AMD’s ability to attract and retain key employees; and AMD’s stock price volatility. Investors are urged to review in detail the risks and uncertainties in AMD’s Securities and Exchange Commission filings, including but not limited to AMD’s most recent reports on Forms 10-K and 10-Q.

NON-GAAP FINANCIAL MEASURES
This press release contains forward-looking non-GAAP measures concerning AMD’s long-term financial model such as operating margin and earnings per share. These forward-looking non-GAAP measures are based on current expectations, assumptions and beliefs that involve numerous risks and uncertainties. Adjustments to arrive at the GAAP financial outlook and long-term financial model typically include stock-based compensation, amortization of acquired intangible assets, income tax provision, and other non-recurring items such as impairment charges and acquisition-related costs. A reconciliation to equivalent GAAP measures is not practicable at this time as the timing and impact of such adjustments are dependent on future events that are typically uncertain or outside of AMD’s control. Such events may include unanticipated changes in AMD’s effective tax rate, unanticipated one-time charges related to asset impairments, unanticipated acquisition-related expenses, unanticipated gains, losses, and impairments, and other unanticipated non-recurring items not reflective of ongoing operations. All statements made in this press release are based on current expectations as of November 11, 2025, and assumptions and beliefs that involve numerous risks and uncertainties. AMD undertakes no intent or obligation to publicly update or revise its forward-looking statements made in this press release except as may be required by law.

DISCLAIMER: The information contained herein is for informational purposes only and is subject to change without notice. While every precaution has been taken in the preparation of this document, it may contain technical inaccuracies, omissions and typographical errors, and AMD is under no obligation to update or otherwise correct this information. Advanced Micro Devices, Inc. makes no representations or warranties with respect to the accuracy or completeness of the contents of this document, and assumes no liability of any kind, including the implied warranties of noninfringement, merchantability or fitness for particular purposes, with respect to the operation or use of AMD hardware, software or other products described herein. No license, including implied or arising by estoppel, to any intellectual property rights is granted by this document. Terms and limitations applicable to the purchase or use of AMD products are as set forth in a signed agreement between the parties or in AMD’s Standard Terms and Conditions of Sale. GD-18u.

© 2025 Advanced Micro Devices, Inc. All rights reserved. AMD, the AMD Arrow logo, AMD Instinct, EPYC, Pensando, Radeon, ROCm, Ryzen, Versal, Xilinx, and combinations thereof are trademarks of Advanced Micro Devices, Inc. CXL is a registered trademark of Compute Express Link Consortium, Inc. OpenAI is a trademark of OpenAI, Inc. PCIe® is a registered trademark of PCI-SIG Corporation. UCIE is a trademark of Universal Chiplet Interconnect Express, Inc. Ultra Accelerator Link and UALink are trademarks of the UALink Consortium. Other product names used in this publication are for identification purposes only and may be trademarks of their respective owners. Certain AMD technologies may require third-party enablement or activation. Supported features may vary by operating system. Please confirm with the system manufacturer for specific features. No technology or product can be completely secure.
Fortune content is From Fortune Magazine. © 2025 Fortune Media IP Limited. All rights reserved. Used under license. Fortune is a registered trademark of Fortune Media IP Limited and is used under license.

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¹ Calculations by AMD Performance Labs in June 2025, based on the projected memory capacity/ bandwidth and scale up/out bandwidth specifications of AMD Instinct™ MI455X 72xGPU “Helios” AI Rack vs. the publicly announced NVIDIA “Vera Rubin” 72xGPU “Oberon” Rack. Server manufacturers may vary configurations, yielding different results. MI350-045A
² Based on AMD internal data as of November 2025
³ Fortune Magazine and Fortune Media (USA) Corporation are not affiliated with, and do not endorse products or services of Advanced Micro Devices, Inc. o From Fortune Magazine. © 2025 Fortune Media IP Limited. All rights reserved. Used under license.
³ Projection based on AMD internal analysis and data as of Nov. 2025. Roadmap subject to change.
⁵ Based on AMD chip shipment figures, AMD has powered over 1 billion gaming devices with processors and graphics for desktop PCs, notebook PCs, and gaming consoles from 2008 to 2025. GD-250.

Contact: 
Brandi Martina 
AMD Communications 
(512) 705-1720 
Brandi.martina@amd.com 

Liz Stine
AMD Investor Relations 
+1 720-652-3965
liz.stine@amd.com 

Source: Advanced Micro Devices, Inc.

Released November 11, 2025

November 11, 2025

In 2003, Michael Fiddelke joined Target as an intern on the finance team, and this coming February, he will take over as CEO. Over two decades, he has helped steer the company through economic headwinds, shifting consumer expectations, and a rapidly evolving retail landscape, all while trying to preserve the brand’s distinct identity. His vantage point on the intersection of finance, strategy, and operations gives him a rare perspective on how large organizations can adapt and evolve.

 

There was a time when most cutting-edge industrial research was conducted at massive corporate R&D organizations like DuPont Central Research and Development and General Electric’s campus in Schenectady, New York. Such institutions went the way of the battleship and horse-drawn buggy. Big companies still do research, of course, but it tends to be honed more to meeting the immediate needs of their businesses than to making big breakthroughs.

Start-ups now take on many of the risks in innovation, and in C&EN’s latest 10 Start-Ups to Watch, which were revealed on Monday, we profile noteworthy new companies that may come up with the next big thing. The firms aim to make textile dyeing more sustainable, carbon capture more affordable, and cancer drugs more precise. Enjoy reading!

Questions? Comments? Tips? Let us know. Email Alex Tullo, C&EN’s senior correspondent for business, at a_tullo@acs.org.

Top stories from C&EN

• Despite a spate of recent deals, biotechnology financing is still slow as big pharma and venture capital firms continue to take a cautious approach to dealmaking.
• Arena BioWorks, cofounded in 2024 by Stuart Schreiber, also one of the founders of the interdisciplinary Broad Institute of MIT and Harvard, has shut down amid a poor financing and uncertain policy environment.
• Consumer products companies aren’t meeting the plastics sustainability commitments they made years ago, and plastics recyclers are suffering.

Business in brief

Ineos negotiates exit for China petrochemical venture

Ineos is in negotiations with its partner, the Chinese state-owned oil and chemical company Sinopec, to exit their petrochemical joint venture in Tianjin, China. Ineos bought into the partnership in 2023, when the complex was already under construction. According to Sinopec, it started up in 2024. The facility has a 1.2 million-metric-ton-per-year ethylene cracker and downstream polyethylene and other derivatives units. In a financial report, Ineos said that move was “due to continuing weak market conditions in China.” The joint venture, as well as another Ineos partnership with Sinopec, Shanghai Secco Petrochemical, lost money in the third quarter. When Ineos bought into Secco in 2022 it was supposed to be the start of a broader collaboration between the two firms.

—Alex Tullo

Oman explores green methanol hub

The government of Oman is working with a consortium of Spanish companies to develop a facility in the country to produce e-methanol—methanol made from renewable electricity and captured CO₂—and use it to fuel maritime vessels. Oman is located on the Arabian Sea near major shipping routes. Officials from Oman’s transportation ministry signed a set of agreements with Acciona & Nordex Green Hydrogen, the e-fuels developer HIF Global, and the regional investor Al Meera. The partners say the deals set up legal and business frameworks for the partners to select sites, share technology information, and start regulatory work to support a project in Oman’s Dhofar region.

—Craig Bettenhausen

Vianode to build graphite plant in Ontario

The battery anode materials maker Vianode has announced plans for a multibillion-dollar synthetic graphite plant in Ontario. The firm says the project will start with an initial investment of $1.425 billion and expand from there, aiming at a final capacity of 150,000 metric tons per year. That first phase will employ 300 people when it starts production as early as 2028, Vianode says, and the fully realized facility will have 1,000 jobs. The firm uses petroleum coke, a by-product of oil refining, as its raw material. The company opened its first commercial facility in Norway in 2024. Vianode says that in addition to electric vehicles it will target applications in semiconductors, nuclear reactors, and steel production.

—Craig Bettenhausen

Air Products looks to turn Louisiana blue hydrogen gray

The industrial gas firm Air Products and Chemicals is negotiating deals that would convert a planned low-carbon hydrogen project in Louisiana into a conventional hydrogen production site, CEO Eduardo Menezes told investors during the firm’s fourth-quarter earnings call. The original plan was to make hydrogen from natural gas while capturing the resulting CO₂ emissions for geological sequestration. Menezes said Air Products is divesting the CO₂ capture and sequestration part of that, including the connected underground pore space it was developing. To the extent the firm does find customers willing to pay a premium to sign long-term contracts for decarbonized hydrogen and ammonia, it will contract with the buyer to provide carbon capture as a service, he said. Menezes also left the door open to canceling the project entirely and separately selling off the sequestration pore space.

—Craig Bettenhausen

BASF starts up units at big China complex

BASF has started manufacture of the first products at its new Verbund integrated chemical complex in Zhanjiang, China. The company, which owns and controls the site, started construction in 2020; BASF’s board approved the main elements of the complex, including an ethylene steam cracker, in 2022. BASF says that at a total cost of $10 billion, the project’s construction is coming in under budget.

—Alex Tullo

Quote of the week

LanzaTech gets cash to turn greenhouse gases into ethanol

The biobased chemical maker LanzaTech says the European Union’s Innovation Fund has awarded it a €40 million ($46.2 million) grant to help it build a plant in Norway that will turn smelter furnace gases into ethanol. The US firm says the project will produce up to 23,500 metric tons of the alcohol per year from carbon monoxide–rich gas generated in Eramet’s manganese smelter in Porsgrunn, Norway. Carbon dioxide created in the process will be liquefied and stored in geological formations under the North Sea. LanzaTech operates six similar facilities in China and Belgium, but it has long struggled to become profitable. An investor in LanzaTech, Carbon Direct Capital Management, offered to buy it at a discount in April, saying the sale might be the only thing that keeps the company from going bankrupt.

—Michael McCoy

Element Solutions to acquire electronic materials maker EFC

In its second deal announcement in as many weeks, Element Solutions has agreed to buy EFC Gases & Advanced Materials for about $360 million. EFC is a supplier of high-purity specialty gases for semiconductor and other applications that, according to Element, has grown at a compound annual rate of more than 15% since 2009. In July 2024, EFC announced plans to build a $210 million semiconductor chemical facility in McGregor, Texas. The purchase announcement follows an Element agreement to buy Celanese’s Micromax unit, a maker of inks and pastes used in electronics, for about $500 million. Element said at the time that the purchase would increase its sales to the electronics industry to about $2 billion per year.

—Michael McCoy

Evotec to sell French biologics plant to Sandoz for $350 million

The generic drug maker Sandoz has agreed to purchase a manufacturing facility from the German drug discovery firm Evotec Biologics for $350 million. The site, in Toulouse, France, has in-built technology for continuous manufacturing of biologics. The two companies partnered for the first time in 2023; that move allowed Sandoz to access Evotec’s artificial intelligence–driven, continuous manufacturing technology to develop biologics. It was around that time that Sandoz separated from Novartis to become an independent company. Meanwhile, the new deal could yield more money for Evotec, with royalties of over $650 million on up to 10 biosimilar molecules developed by Sandoz.

—Aayushi Pratap

Novo Nordisk loses to Pfizer in bid for Metsera

A bidding war for the weight-loss drug developer Metsera erupted in late October when Novo Nordisk made an unsolicited offer for the company—despite it already having signed a merger agreement with Pfizer. In response, Pfizer raised its bid and filed a suit accusing Novo and certain Metsera shareholders of anticompetitive conduct. Novo returned with a higher proposal, but Metsera ultimately chose Pfizer’s further revised offer, valued at up to $10 billion, saying that it carried lower regulatory and antitrust risk. Novo says it will not be making an increased offer. Pfizer has since initiated a second legal action claiming that Novo had no real intent to buy the company.

—Elizabeth Walsh

Azalea Therapeutics launches with $82 million for gene therapy

Azalea Therapeutics has launched with $82 million in series A funding and technology that it says can make in vivo precision genome editing possible. The start-up evolved out of a collaboration between Nobel laureate Jennifer Doudna and University of California, San Francisco, professor Justin Eyquem. The firm says it can deliver CRISPR-Cas9 gene editing machinery directly into human T cells using a T-cell-tropic adeno-associated virus vector, thus removing the need to manufacture edited T cells for chimeric antigen receptor T-cell therapy in the lab.

—Max Barnhart

What we’re reading

• Fierce Biotech remembers all the biotechs lost in 2025 in its latest Biotech Graveyard: Fierce Biotech
• Doctors probe a link between chemicals and Parkinson’s disease: Wall Street Journal
• How The Line, the Saudi dream of a 100 km super city, is unraveling: Financial Times

The Trump administration has launched its most direct attempt yet to shut down the top US consumer watchdog, arguing the current funding mechanism behind the Consumer Financial Protection Bureau (CFPB) is unlawful.

Attorneys for the administration claimed in a court filing that the agency “anticipates exhausting its currently available funds in early 2026”, setting the stage for it to be dismantled.

The CFPB is legally barred from seeking additional funds from the Federal Reserve, its typical source of funding, the attorneys suggested.

Donald Trump’s officials have tried persistently to close the agency, attempting to fire the vast majority of its workforce. These efforts sparked months of legal wrangling.

The CFPB has returned more than $21bn to US consumers since it was set up, in the wake of the financial crisis, to shore up oversight of consumer financial firms.

The justice department’s office of legal counsel issued an opinion claiming the CFPB cannot draw money from the Fed currently, claiming the “combined earnings of the Federal Reserve System” refers to profits of the Fed, which has operated at a loss since 2022.

Several federal judges have previously rejected that argument used by companies attempting to dismiss lawsuits brought by the agency, reported Politico.

Russell Vought, the White House office of management and budget director, said in October that he plans to shut down the agency, and that this would take up to three months.

The claim was criticized by Democrats, given previous contrary statements from the administration, and court decisions blocking the agency from being shut down.

“These comments are particularly concerning given that a federal court has specifically blocked you from illegally shutting down the agency,” wrote Senate banking committee Democrats in a letter to Vought. “Your continued attempts to shutter the CFPB are illegal, and American families stand to pay the price.”

Vought has already suspended most of the agency’s work, as the full DC circuit court of appeals is deciding whether to take the case as a lower court order blocked the firings of about 90% of the agency’s staff.

The CFPB did not immediately respond to a request for comment.