AMD expects to outsell Intel in Q4 for the first time in history

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AMD late on Tuesday reported its highest quarterly revenue ever as demand for its Epyc data center processors and Instinct AI accelerators nearly doubled year-over year and sales of its products for client systems were down only modestly despite high memory prices and other headwinds.

AMD 周二晚间公布了其有史以来最高的季度营收。得益于 Epyc 数据中心处理器和 Instinct AI 加速器需求的近乎翻倍，尽管面临内存价格高企及其他不利因素，其客户端系统产品的销售额仅出现小幅下滑。

As increasing sales of data center hardware more than offset declines in the client realms, AMD’s profitability continues to improve. Perhaps the most striking announcement AMD made is that it expects its Q4 revenue to reach approximately $17 billion, which would put it ahead of Intel for the first time in history.

随着数据中心硬件销售额的增长抵消了客户端领域的下滑，AMD 的盈利能力持续改善。AMD 最引人注目的公告或许是其预计第四季度营收将达到约 170 亿美元，这将使其历史上首次超越英特尔。

AMD’s third-quarter revenue reached $13.377 billion, a huge increase from $9.25 billion in the same quarter a year earlier and $11.54 billion in the previous quarter. The company’s gross margin was 54% during the quarter, and net income increased by 95% to $2.43 billion. Diluted earnings per share reached $1.46, compared with $0.75 in the same quarter last year.

AMD 第三季度营收达到 133.77 亿美元，较去年同期的 92.5 亿美元和上一季度的 115.4 亿美元大幅增长。该公司本季度的毛利率为 54%，净利润增长 95% 至 24.3 亿美元。稀释后每股收益达到 1.46 美元，而去年同期为 0.75 美元。

AMD’s Data Center business was the main driver of its growth as the unit’s sales reached a record $8.55 billion, up 97% from $4.34 billion a year earlier and 27% sequentially. The unit’s operating income surged by 168% to $2.88 billion, while operating margin expanded from 25% to 34%.

AMD 的数据中心业务是其增长的主要驱动力，该部门销售额达到创纪录的 85.5 亿美元，较去年同期的 43.4 亿美元增长 97%，环比增长 27%。该部门营业利润激增 168% 至 28.8 亿美元，营业利润率从 25% 扩大至 34%。

The company attributed the results to strong demand for its latest Epyc processors and the launch of Instinct MI455X AI accelerators, which power its Helios rack-scale systems. Specifically, AMD noted that Anthropic, Meta, Microsoft, OpenAI, and Oracle Cloud Infrastructure are already running workloads on their first Helios systems.

该公司将此业绩归功于对其最新 Epyc 处理器的强劲需求，以及为其 Helios 机架式系统提供动力的 Instinct MI455X AI 加速器的发布。具体而言，AMD 指出 Anthropic、Meta、Microsoft、OpenAI 和 Oracle Cloud Infrastructure 已经在其首批 Helios 系统上运行工作负载。

AMD expects its Data Center revenue to increase from $8.55 billion in Q3 2026 to approximately $12.8 billion in Q4 (based on the company’s guidance), driven by the ramp of Instinct MI455X accelerators and Helios systems. The company also projects that its server CPU revenue will double in 2027, while Data Center AI accelerator and rack revenue will more than double, which will push the DC unit’s contribution to over 80% of total company sales, up from 64% this past quarter and from 47% in Q3 2025.

AMD 预计其数据中心营收将从 2026 年第三季度的 85.5 亿美元增长至第四季度的约 128 亿美元（基于公司指引），这得益于 Instinct MI455X 加速器和 Helios 系统的产能提升。该公司还预计，其服务器 CPU 营收将在 2027 年翻倍，而数据中心 AI 加速器和机架营收将增长超过一倍，这将使数据中心部门对公司总销售额的贡献率从上季度的 64% 和 2025 年第三季度的 47% 提升至 80% 以上。

“We now expect server revenue to double year over year in 2027 and data center AI revenue to grow even faster than we projected ninety days ago,” said Lisa Su, chief executive and chairman of AMD, during the company’s earnings call with analysts and investors. “As a result, we expect data center to be more than eighty percent of our total revenue in 2027 and to drive the majority of our revenue and earnings growth.”

“我们现在预计 2027 年服务器营收将实现同比翻倍，数据中心 AI 营收的增长速度也将超过我们 90 天前的预测，”AMD 首席执行官兼董事长苏姿丰在与分析师和投资者的财报电话会议上表示。“因此，我们预计到 2027 年，数据中心业务将占我们总营收的 80% 以上，并推动我们大部分的营收和利润增长。”

AMD’s Client and Gaming business unit generated $3.722 billion in revenue, down 8% year-over-year and 3% quarter-over-quarter.

AMD 的客户端和游戏业务部门营收为 37.22 亿美元，同比下降 8%，环比下降 3%。

Meanwhile, sales of AMD’s client CPUs totaled $2.95 billion, down from $3.06 billion in the previous quarter and up around $200 million from $2.75 billion in the same quarter a year ago.

与此同时，AMD 客户端 CPU 的销售额总计 29.5 亿美元，低于上一季度的 30.6 亿美元，较去年同期的 27.5 亿美元增长约 2 亿美元。

Sales of AMD’s gaming products — including discrete GPUs and system-on-chips for game consoles — dropped to $773 million from $1.298 billion in the previous year as Microsoft and Sony bought fewer console SoCs, while sales of discrete Radeon RX GPUs remained weak during the quarter. The combined segment’s operating income dropped by 34% to $573 million as the unit’s operating margin decreased to 15%.

由于微软和索尼购买的游戏机 SoC 减少，且独立 Radeon RX GPU 的销售在本季度持续疲软，AMD 游戏产品（包括独立 GPU 和游戏机系统芯片）的销售额从去年的 12.98 亿美元降至 7.73 亿美元。该合并部门的营业利润下降 34% 至 5.73 亿美元，营业利润率降至 15%。

“In 2027, we are planning for PC market unit shipments to decline by a double-digit percentage,” Su said. “In this environment, we expect to outperform the market as we deliver our rising roadmap and grow our commercial footprint.”

“我们预计 2027 年 PC 市场出货量将出现两位数的百分比下滑，”苏姿丰表示。“在这种环境下，我们预计通过交付不断提升的路线图并扩大商业足迹，我们的表现将优于市场。”

AMD projects its Client and Gaming business to contract by more than 20% sequentially in Q4 2026 as higher memory prices weaken PC demand. The company is also preparing for a double-digit decline in PC shipments in 2027, although it expects to outperform the market by concentrating on enterprise, premium consumer, and desktop processors. Unfortunately, AMD did not provide a specific revenue forecast for its Client and Gaming segment for 2027.

AMD 预计，由于内存价格上涨削弱了 PC 需求，其客户端和游戏业务在 2026 年第四季度将环比收缩超过 20%。该公司也在为 2027 年 PC 出货量出现两位数下滑做准备，尽管其预计通过专注于企业级、高端消费级和桌面处理器，其表现将优于市场。遗憾的是，AMD 并未提供 2027 年客户端和游戏部门的具体营收预测。

As for AMD’s Embedded business, it also demonstrated strong growth as its revenue increased by 29% year-over-year to $1.11 billion and operating income rose by 60% to $453 million. The company attributed the impr

至于 AMD 的嵌入式业务，它也表现出强劲的增长，营收同比增长 29% 至 11.1 亿美元，营业利润增长 60% 至 4.53 亿美元。该公司将此归功于……