AI accelerators · CPU · Adaptive SoC

AMD

A key Nvidia rival. FY2025 revenue $34.6B (+34%, data center $16.6B); Q1 FY2026 data center $5.8B (+57%) as MI350 ramps. Supplies Instinct MI350 (288GB HBM3E) to Microsoft, Meta, Oracle and OpenAI. Chips at TSMC (N3P) and GlobalFoundries; HBM from Samsung and Micron.

AMD Updated Jul 12, 2026 6 AI consumers· 5 recurring

Per the valuechain.wiki graph, AMD is directly linked to 23 companies (17 supply, 7 revenue relationships) and reaches 114 companies within two hops; the links are backed by 36 dated sources, 5 of them primary filings (as of 2026-07-12).

Annual return · 2026-09-04'21+56.9%'22-55%'23+127.6%'24-18.1%'25+77.3%YTD+123%
Money in ▸Microsoft●OpenAI●ASUSTeK Computer●Hewlett Packard Enterprise●Meta Platforms●Oracle◐Units 50,000 GPUHewlett Packard Enterprise◐
AMD$34.6B
▸ Money outTSMC●Samsung Electronics●Micron Technology●AT&S●Synopsys●Cadence Design Systems●Arteris●GlobalFoundries◐Samsung Electro-Mechanics◐SK hynix◐ASE Technology◐Shinko Electric Industries◐Arm Holdings◐Ibiden◐Monolithic Power◐Siemens EDA◐Unimicron◐

Financials & Segments

  • Total revenue · $34.6B (FY2025, +34%); Q1 FY2026 revenue $10.3B (+38%), data center $5.8B (+57%)
  • Customer concentration · No single customer ≥10% (FY2025, diversified). Data Center $16.6B
  • Segments · Data Center($16.6B) · Client + Gaming($14.6B) · Embedded($3.5B)

Revenue from

  • Microsoft High confidence
    Runs production Copilot workloads on MI300X in Azure.
    Mentions EN S&P Global Market Intelligence Published Mar 1, 2026: AMD's next-gen AI chips set to power 2026 data center growth
    Confirms EN AMD Published Jun 12, 2025: AMD Expanded Instinct GPU Roadmap
  • OpenAI High confidence
    6 gigawatt AI infrastructure deal (MI450, from 2H 2026).
    Confirms KO TheElec Published Oct 7, 2025: AMD and OpenAI sign 6GW GPU supply deal
    Confirms KO Korea Economic Daily Published Oct 6, 2025: Samsung HBM customer AMD to supply AI accelerators to OpenAI in bulk
  • ASUSTeK Computer High confidence
    Supplies Ryzen/EPYC CPUs and Radeon GPUs to ASUS — competing with Intel as a dual source across ROG gaming and server lines.
    Confirms EN ASUSTeK Computer Published Mar 30, 2025: ASUSTeK Computer — 2024 Annual Report (official IR)
  • Hewlett Packard Enterprise High confidence
    Alongside NVIDIA, HPE builds AI servers on AMD silicon. The ProLiant Compute XD685 pairs eight AMD Instinct MI325X GPUs with two AMD EPYC CPUs, ProLiant Gen12 servers run 5th Gen EPYC, and its Cray-based El Capitan exascale supercomputer uses AMD Instinct MI300A.
    Confirms EN Data Center Dynamics Published Oct 11, 2024: HPE, Dell, Lenovo, and Supermicro detail new server offerings featuring AMD's new MI325X GPUs and Epyc CPUs
  • Meta Platforms High confidence
    Uses MI300X for Llama 3 and 4 inference.
    Mentions EN Data Center Dynamics Published May 6, 2026: AMD posts Q1 2026 data center revenue of $5.8bn
    Confirms EN AMD Published Jun 12, 2025: AMD Expanded Instinct GPU Roadmap
  • Oracle Medium confidence· Units 50,000 GPU · 2026 · MI450 supercluster
    Supplies Instinct MI450 GPUs to OCI.
    Confirms EN CIO Dive Published Oct 15, 2025: Oracle teams with AMD, Nvidia for cloud infrastructure
    Confirms EN Oracle Published Oct 14, 2025: Oracle and AMD Expand Partnership
  • Hewlett Packard Enterprise Medium confidence
    AMD supplies datacenter silicon to HPE, whose ProLiant Compute XD685 and Cray El Capitan use AMD Instinct GPUs and EPYC CPUs.
    Confirms EN Data Center Dynamics Published Oct 11, 2024: HPE, Dell, Lenovo, and Supermicro detail new server offerings featuring AMD's new MI325X GPUs and Epyc CPUs

Pays to

  • TSMC High confidence
    MI350 XCDs are made on TSMC's N3P node (foundry).
    Confirms EN SEC EDGAR Published Feb 4, 2026: AMD Form 10-K (FY2025, 2025-12-27)
    Confirms EN TrendForce Published Jun 13, 2025: Unpacking AMD's MI350: Samsung/Micron Dual HBM3E
  • Samsung Electronics High confidence
    HBM3E 12-high supplier for MI350 plus some foundry. Supplying since June 2025.
    Confirms KO Korea Economic Daily Published Jun 13, 2025: Samsung supplies 12-high HBM3E to AMD
    Confirms EN TrendForce Published Jun 13, 2025: Unpacking AMD's MI350: Samsung/Micron Dual HBM3E
  • Micron Technology High confidence
    HBM3E 36GB supplier for MI350 (dual with Samsung).
    Confirms EN TrendForce Published Jun 13, 2025: Unpacking AMD's MI350: Samsung/Micron Dual HBM3E
    Mentions EN AMD Published Jun 12, 2025: AMD Expanded Instinct GPU Roadmap
  • AT&S High confidence
    Uses high-end IC substrates from AT&S.
    Confirms EN AT&S Published May 1, 2025: AT&S IR
    Confirms EN IMR Published Jan 1, 2025: Package substrate market (AT&S HBM/3D)
  • Synopsys High confidence
    Uses/buys EDA tools and IP from Synopsys.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Jul 1, 2025: China conditionally approves Synopsys-Ansys merger
    Confirms EN SEC EDGAR Published Dec 18, 2024: Synopsys Form 10-K
  • Cadence Design Systems High confidence
    Uses/buys EDA tools and IP from Cadence Design Systems.
    Confirms EN SemiAnalysis Published Sep 1, 2025: EDA Market Primer
    Confirms KO Seoul Economic Daily Published Mar 1, 2025: Cadence, an AI chip-design leader, reignites growth
    Confirms EN SEC EDGAR Published Feb 24, 2025: Cadence Form 10-K
  • Arteris High confidence
    Licenses Arteris NoC IP for chiplet data transport.
    Confirms EN BriefGlance Published Jan 1, 2026: Arteris: AMD chiplet license, royalties +50%
  • GlobalFoundries Medium confidence
    Foundry for certain products.
    Confirms EN SEC EDGAR Published Feb 4, 2026: AMD Form 10-K (FY2025, 2025-12-27)
  • Samsung Electro-Mechanics Medium confidence
    Buys FC-BGA semiconductor substrates for AI accelerators.
    Confirms KO TheElec Published Jan 31, 2026: Samsung Electro-Mechanics: surging demand for MLCC and AI-server substrates
  • SK hynix Medium confidence
    Buys HBM3E for its AI accelerators (MI300/MI350) from SK hynix (one of its suppliers).
    Mentions EN Notebookcheck Accessed Jun 19, 2026: SK hynix sells out 2026 supply to Nvidia
  • ASE Technology Medium confidence
    Outsources full-process packaging of Venice CPUs to ASE (from 2026).
    Confirms EN TrendForce Published Jan 14, 2026: ASE packaging orders reportedly span Nvidia, AMD and more
  • Shinko Electric Industries Medium confidence
    Uses FC-BGA package substrates from Shinko Electric.
    Confirms EN Shinko Published May 1, 2025: Shinko Electric
    Confirms EN MGR Published Jan 1, 2025: Unimicron leads IC-substrate revenue
  • Arm Holdings Medium confidence
    Uses/buys CPU-architecture IP (license and royalty) from Arm Holdings.
    Confirms KO Economy6 Published Jan 15, 2026: Arm Holdings results and the NVIDIA relationship
    Confirms EN Arm IR Published Jul 1, 2024: Arm Annual Report FY2024
    Confirms EN SEC EDGAR Published May 22, 2024: Arm Holdings Form 20-F
  • Ibiden Medium confidence
    Buys FC-BGA package substrates from Ibiden.
    Confirms KO Jabon Published Feb 1, 2026: Ibiden bets ¥500B to expand NVIDIA AI substrates
    Confirms EN Ibiden Published May 1, 2025: Ibiden Investor Relations
    Confirms EN DigiTimes Published Jan 2, 2025: Ibiden’s exclusive AI-substrate position with Intel and NVIDIA
  • Monolithic Power Medium confidence
    Supplies the power-delivery network (multiple rails) for AMD's Instinct MI300 GPU, extending its AI-accelerator power wins from NVIDIA H100 to AMD.
    Confirms EN SemiAnalysis Published Aug 1, 2023: Energizing AI: Power Delivery Competition
    Confirms EN The Razor's Edge Published Jun 27, 2023: MI300 power tree uses MPS parts (expert call)
  • Siemens EDA Medium confidence
    Pays for Siemens EDA (Calibre etc.) licenses.
    Confirms KO Wikipedia Published Jan 1, 2026: Mentor Graphics (Siemens EDA)
    Confirms EN SemiWiki Published Jun 1, 2025: Siemens EDA (Mentor Graphics) wiki
  • Unimicron Medium confidence
    Uses FC-BGA and IC package substrates from Unimicron.
    Confirms EN Unimicron Published May 1, 2025: Unimicron IR
    Confirms EN MGR Published Jan 1, 2025: Unimicron leads IC-substrate revenue

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Snowflakelead2+20.4-57.6+38.6-22.4+42.1+53.7
Starbucks Corplead2+11.1-13.2-1.2-2.5-5.3+26.3
Johnson Controlslead2+77.4-19.3-7.6+39.8+53+21.7
Rockwell Automation, Inc.lead2+41.2-24.8+22.6-6.2+38.4+12.6
Illinois Tool Works Inc.lead2+23.6-8.5+21.6-1-0.4+11
Consolidated Edison, Inc.lead2+23+15.7-1.1+1.5+15.1+10.7
Parker-Hannifin Corporationlead2+18.3-6.9+60.8+39.6+39.5+10.2
Marriott International, Inc.lead2+25.3-9.3+53.1+24.9+12.3+9.1
3M Companylead2+4.9-29.6-3.3+46.1+26.4+6.8
Costco Wholesalelead2+51.8-19+49+39.6-5.4+6.7
Procter & Gamblelead2+20.5-5-0.9+17.3-12.3+4.5
The Sherwin-Williams Companylead2+44.9-32+32.7+9.9-3.8+3.7
Palantir Technologieslead2-22.7-64.7+167.4+340.5+135-1.9
Walmart Inclead2+2-0.5+12.9+74+24.5-3.2
Uberlead2-17.8-41+149-2+35.5-7.3
ServiceNowlead2+17.9-40.2+82+50.1-27.7-7.8
Stryker Corporationlead2+10.2-7.4+23.8+21.3-1.5-13.3
Take-Two Interactive Software, Inc.lead2-14.5-41.4+54.6+14.4+39.1-16.1
Adobe Inc.lead2+13.4-40.7+77.3-25.5-21.3-23.9
Autodesk, Inc.lead2-7.9-33.5+30.3+21.4+0.1-26.4
Boston Scientific Corporationlead2+18.2+8.9+24.9+54.5+6.8-49.9
ASUSTeK Computerlead1+35.5-12.9+72+41.1-14.1+119.8
Hewlett Packard Enterpriselead1+37.4+4.5+9.7+29.1+15.5+118.5
Microsoftlead1+52.5-28+58.2+12.9+15.6+4
Meta Platformslead1+23.1-64.2+194.1+66+13.1-6.4
Oraclelead1+36.9-4.6+30.9+60+18.1-17.8
AMDnode+56.9-55+127.6-18.1+77.3+123
AT&Sbenef1+57.5-22-27.6-41.3+188.9+334.1
Micron Technologybenef1+24.2-45.9+71.9-1+240.2+256.4
Ibidenbenef1+30.4-19.6+51.6-38.6+261+149.3
Unimicronbenef1+133.5-30.2+35.2-19.7+175.7+138.8
ASE Technologybenef1+38.3-12.8+60.9+10.1+65.6+135.3
SK hynixbenef1-0.4-25.6+53.9+48.6+361.1+81.6
Samsung Electronicsbenef1-9-14.2+20.9-26.4+212.9+59.7
TSMCbenef1+12.1-36.7+42.3+92.6+55.9+41.9
Monolithic Powerbenef1+35.5-27.8+79.8-5.6+54.5+35.5
GlobalFoundriesbenef1·-17.1+12.5-29.2-18.6+29.7
Samsung Electro-Mechanicsbenef2-11.8-18.5-1.4-2.5+110+402.2
Soitecbenef2-3.7-13.4-2.3-37.4-68.9+386.9
Jusung Engineeringbenef2+127.9-42.6+173.3-3.1+30.7+331.2
MediaTekbenef2+27.8-26.6+52.9+58.3+24.9+152.4
LG Innotekbenef2+78.2-22-28.8-22.1+66.8+130.7
Global Unichipbenef2+21.4+67.6+99.4-13.7+101.4+122.8
Cohubenef2-0.2-15.9+10.4-24.6-12.8+118
PSK Incbenef2+22.7-19.6+14.2-2.6+228.2+105.7
SUMCO Corporationbenef2-4.3-3.9+21.3-48.1+41.7+100.6
GlobalWafersbenef2+26.9-29.9+14.3-39+48.9+98.1
Simmtechbenef2+119.6-34.6+12.4-63.3+392.9+94.9
ACM Researchbenef2+4.9-72.9+153.4-22.7+161.3+88.7
FormFactorbenef2+6.3-51.4+87.6+5.5+26.8+86.3
Teradynebenef2+36.8-46.3+24.8+16.5+54.4+84.6
SK Squarebenef2·-33.9+42.8+81.3+505.7+82.9
Lam Researchbenef2+53.7-40.7+88.6-6.8+139.2+80.1
Applied Materialsbenef2+83.6-37.5+68+1.1+59.6+77.6
Resonacbenef2-2.6-4+37.5+30.3+137.9+73.5
Onto Innovationbenef2+112.9-32.7+124.6+9-5.3+69.8
Entegrisbenef2+44.6-52.5+83.5-17.1-14.6+65.1
ASMLbenef2+64.1-30.5+39.9-7.7+55.8+61.1
Daeduck Electronicsbenef2+64.2-0.3+13.3-22.7+250.2+58.1
ASMPTbenef2-29-12.4+21.8-4.8+47.6+54.5
KLAbenef2+68-11.2+56+9.4+94.5+53.3
Samsung E&Abenef2+74.5+20-13.7-15.9+76.7+48.9
Qnity Electronicsbenef2·····+47.8
Foosungbenef2+59.9-33.5-34.5-39.1+67.4+47.6
KC Techbenef2-24.2-6.1+57.9+5.9+56.7+45.5
Arterisbenef2·-79.6+37+73+52.1+37.9
Camtekbenef2+110.1-52.3+215.9+18.3+31.7+37
SCREEN Holdingsbenef2+40.7-13.2+220.1-24.1+84.9+33.7
Tokyo Electron (TEL)benef2+40.4-14.5+89.8-4.4+61.6+30.3
Kokusai Electricbenef2···-35.4+165.3+30.1
Advantestbenef2+17-2.3+155.7+49.5+196+29.9
Sumitomo Chemicalbenef2+19.6-9.1-27.7-2.2+43.9+28.4
Air Products and Chemicalsbenef2+13.8+3.9-9+8.1-12.7+24.4
Fujimi Incorporatedbenef2+64.7-1.6+40.4-24.2+28.4+23.4
Eugene Technologybenef2+28.1-45.1+64.1-12.6+202.5+23.2
Qorvobenef2-5.9-42+24.2-37.9+20.8+21.7
Air Liquidebenef2+14.3+8.1+21.1+8.7-4.6+21.3
ISCbenef2+43.2+14.2+116.5-11.9+126.8+20.8
BESIbenef2+33.7-6.1+121.8-9.3+35+20.3
EO Technicsbenef2+7.6-28.2+130.5-16.2+163.2+17.8
ASM Internationalbenef2+44.2+2.9+68.7+10.3+25.9+16.7
Tokyo Ohka Kogyo (TOK)benef2-2.7-3+63.8+4.3+111.5+14.1
Shin-Etsu Chemicalbenef2+6.3+3.1+57.8-15.6+7.6+13.8
Lindebenef2+33.4-4.4+27.7+3.2+3.2+13.1
Nepesbenef2-29.5-44+6.7-62.7+179.2+12.5
Powertech Technology (PTI)benef2+4.8-7.5+86-16+128.6+11
Merck KGaA (EMD)benef2+42.2-0.4-19.1-2.5-12.7+10.4
Hanmi Semiconductorbenef2+98.5-21.7+313.1+93.7+87.9+9.3
HPSPbenef2··+216.5-30.4+54.7+9.2
Montage Technologybenef2-18.2-21.8-18+51.4+169+3.4
Wonik IPSbenef2-19.7-19.8-0.2-25.5+408.8+0.3
Ebarabenef2+58.1+2.3+76.1+41+84-4.2
Cadence Design Systemsbenef2+36.6-13.8+69.6+10.3+4-6.4
Hana Micronbenef2+109-41+143.5-52.4+269.3-7.7
Lasertecbenef2+78.9+2.4+57-60.6+138.9-8.5
Photronicsbenef2+68.9-10.7+86.4-24.9+35.8-9
Park Systemsbenef2+25.1+1.6+41.6+37.3+28.9-13.5
Synopsysbenef2+42.1-13.4+61.3-5.7-3.2-16.2
Disco Corporationbenef2-6.6+27.7+218.5+11.6+49.6-17.3
Uni Testbenef2+23.4-57.8+11.3-1.6+6.8-21.4
LG Displaybenef2-6.8-30.9-8.5-20.6+26.2-21.8
Dongjin Semichembenef2+28.1-13.7+16.1-42.8+160.1-28.1
SFA Semiconbenef2-5.8-34.1+48.7-48.7+139.8-28.4
ENF Technologybenef2-32.9-23.6+1.3-16.1+204.6-28.8
Soulbrainbenef2-8.2-3.9+16.6-37.6+192.8-33.1
Leeno Industrialbenef2+21-5.3+18.3+9.5+150.1-37.1
S&S Techbenef2-17.3-5+45.8-31.2+210.8-56

YTD as of 2026-09-04 · source: Yahoo Finance

AMD operates across S&P 500, AI accelerators, CPU, Adaptive SoC. It is up +123% in 2026. The supply side (avg +173%) has moved harder than the stock (+123%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is AT&S (+334.1%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Chips at TSMC (N3P) and GlobalFoundries; HBM from Samsung and Micron.

Analysis generated from returns as of 2026-09-04

Analyst ratings

Consensus: Buy 4 · Hold 0 · Sell 0 · Avg. target $646 · Price $476.24 (09-05) · Upside +36%

BrokerRatingTargetPublished
Wells Fargo · Aaron RakersOverweight$615Jun 30, 2026Report ↗
Cantor Fitzgerald · C.J. MuseOverweight$700Jun 29, 2026Report ↗
UBS · Timothy ArcuriBuy$670Jun 24, 2026Report ↗
Bernstein · Stacy RasgonOutperform$600Jun 17, 2026Report ↗

Raised target from $505 to $615, Overweight kept; applied a 33x multiple to 2028 EPS of $18.75, with the 2nm EPYC Venice cycle as a key catalyst.

Analyses covering this node

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