Advanced Micro Devices expects fourth-quarter revenue of about $17B, plus or minus 3%, after a third quarter that beat estimates. Revenue was $13.38B against $13.22B expected, and earnings per share were $2.09, $0.12 better than expected.

The guide is well above the September quarter, and it matters more than the beat. In early October Su said memory supply was tight overall and that AMD had boosted supply this year, though more would be welcome. She said AMD was coordinating with memory suppliers to plan with customers, thanked TSMC for expanding capacity, and said all capacity had to be brought online at the same time. A guide of this size suggests those limits are loosening rather than holding the business back.

The margin guide points the same way. AMD expects a fourth-quarter non-GAAP gross margin of about 55%, the same level it reported in the first quarter. The shift towards AI chips, on this guidance, is not coming at the expense of profitability.

Su expects Data Center revenue growth to accelerate in the fourth quarter and the full year as the company scales production of Helios and Venice. She expects Data Center revenue to more than double from 2025, and server revenue to double year over year in 2027. Against that, AMD is planning for PC market unit shipments to decline by double digits in 2027, and it expects strong double-digit growth in its embedded business. The growth the company is planning for sits in servers and embedded chips, not PCs.

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