Key Highlights

  • AMD (NASDAQ:AMD) reported second quarter 2026 revenue of USD 11.5 billion, up 50%, with Data Center revenue of USD 6.7 billion, up 107% and 58% of the total, in its release on August 4, 2026.
  • Non-GAAP earnings were USD 1.66 per share and GAAP earnings USD 1.38, and third quarter revenue is guided to about USD 13 billion, plus or minus USD 300 million, at a gross margin near 56%.
  • OpenAI holds a warrant for up to 160 million shares of AMD (NASDAQ:AMD) common stock, vesting in tranches as deployments grow toward 6 gigawatts and share price targets are met.
  • The first 1 gigawatt of Instinct MI450 GPUs for OpenAI was set to begin deploying in the second half of 2026, and AMD (NASDAQ:AMD) is valued at USD 878 billion on the chart.

The Quarter and the Guide

AMD (NASDAQ:AMD) released second quarter 2026 results on August 4, 2026 for the quarter ended June 27. Revenue of USD 11.5 billion rose 50% and Data Center revenue of USD 6.7 billion rose 107%, so the segment now supplies more than half of sales. Non-GAAP earnings were USD 1.66 per share. Guidance for the third quarter is about USD 13 billion, which implies roughly 13% sequential growth, simple arithmetic on two published numbers. The company said its Helios rack-scale systems are being deployed by OpenAI, Anthropic and other labs and cloud providers. Meta Platforms (NASDAQ:META) is listed among them. Microsoft (NASDAQ:MSFT) is named too. Oracle (NYSE:ORCL) is as well, which suggests the same racks are being tested by several customers at once.

The OpenAI Warrant

In the agreement announced on October 6, 2025, OpenAI committed to deploy 6 gigawatts of AMD GPUs, and AMD issued a warrant for up to 160 million shares. The first tranche vests with the initial 1 gigawatt, later tranches with larger purchases, and vesting also depends on AMD share price targets and OpenAI technical and commercial milestones. That reverses the usual direction of the loop seen at Nvidia (NASDAQ:NVDA): the supplier gives the customer equity, so OpenAI gains if AMD succeeds, while AMD depends on a customer that needs outside funding to pay for chips. If the warrant vests in full, OpenAI would hold a meaningful block, and AMD's reported gross margin would absorb the value given away over time.

Risks and What to Watch

Dilution is one risk, since a full warrant would add 160 million shares. Execution is another, because MI450 and rack systems must ship on time and compete with Nvidia, whose largest customers are the same. OpenAI's ability to fund 6 gigawatts is unconfirmed. The next AMD report is expected in early November 2026, though no date was confirmed. Watch Data Center growth against 107%, gross margin against 56% and any update on MI450 shipments. Meta, Microsoft and Oracle are also AMD customers and compete with each other for supply, so allocation decisions will matter. Any slip in the first gigawatt would delay the first warrant tranche as well.

Where Things Stand

AMD (NASDAQ:AMD) is doubling data center sales because AI labs and cloud providers are adding second-source GPU capacity, and OpenAI has been given a financial reason to help the company succeed. The evidence is strong on current growth, but the OpenAI volume still depends on a customer's funding and on delivery of new products. The November 2026 results will show whether MI450 deployment is on schedule.