Advanced Micro Devices Q3 2026: An Owner Earnings and Intrinsic Value Analysis

During the third quarter of 2026, Advanced Micro Devices (AMD) accelerated its fundamental transition from a broad-based semiconductor provider into a Data Center-dominated computing infrastructure powerhouse, representing a structural shift in its underlying intrinsic business value. Driven by explosive market adoption of 5th Generation (Turin) and 6th Generation (Venice) EPYC server processors alongside the high-volume production ramp of Instinct MI455X GPUs within turnkey Helios rack-scale architectures, Data Center segment revenue surged 97% year-over-year to $8.546 billion, comprising 64% of total corporate top-line sales ($13.377 billion) and set to exceed 80% in fiscal 2027. While GAAP net income expanded 95% year-over-year to $2.428 billion, Free Cash Flow compressed to $554 million (a 4% FCF margin, down from $1,530 million and 17% margin in Q3 2025) due to an intentional $2.995 billion sequential working capital expansion in inventory (reaching $11.463 billion total) to secure components for projected fiscal 2027 top-line growth exceeding 80%. For long-term, value-minded investors, this short-term working capital cash drag is subordinate to structural operating margin expansion (GAAP operating margin up 700 bps to 21%; Non-GAAP operating margin up 500 bps to 29%) and multi-year moat compounding. Furthermore, strategic customer warrant framework agreements—such as the landmark OpenAI deal for 6 gigawatts of GPU deployment—introduce non-cash quarterly GAAP fair-value volatility while effectively locking in multi-year infrastructure volume off-take that enhances long-term owner earnings power per share.

Owner Earnings and Free Cash Flow Over Adjusted EPS#

Evaluating AMD's true economic performance requires penetrating management's Non-GAAP metrics to establish owner earnings grounded in cash reality. For Q3 2026, AMD reported Non-GAAP Net Income of $3.471 billion ($2.09 per diluted share) against GAAP Net Income of $2.428 billion ($1.46 per diluted share). The $1.043 billion divergence stems primarily from management adding back $523 million in Stock-Based Compensation (SBC), $534 million in amortization of acquisition-related intangibles, and a $1,097 million non-cash mark-to-market charge on customer warrant liabilities, partially offset by tax normalization adjustments.

From a value investing perspective, Non-GAAP Adjusted EPS ($2.09) distorts true economic earnings by treating SBC as an unmitigated add-back. SBC increased 25% year-over-year from $419 million in Q3 2025 to $523 million in Q3 2026. Share-based compensation is an indispensable operating expense required to retain world-class engineering talent; ignoring it obfuscates ongoing equity dilution. Under GAAP accounting, SBC is already recognized within GAAP Net Income ($2,428 million), meaning it must never be subtracted from GAAP Net Income. However, when evaluating cash generation starting from Operating Cash Flow ($1,202 million in Q3 2026), SBC is added back as a non-cash item. Investors must track this dilution separately in per-share intrinsic value models while recognizing that SBC remains a genuine corporate cost.

+-----------------------------------------------------------------------------------+
|                     Q3 2026 FINANCIAL RECONCILIATION BRIDGE                       |
+-----------------------------------------------------------------------------------+
| GAAP Net Income                                                       $2,428 M    |
| + Stock-Based Compensation (SBC)                                        $523 M    |
| + Amortization of Acquired Intangibles ($257M Cost of Sales / $277M OPEX) $534 M    |
| + Customer Warrant Liability Fair Value Loss (Other Expense, Net)     $1,097 M    |
| + Acquisition-Related & Legal Contingency Costs ($27M Acq / $7M Legal)   $34 M    |
| - Net Investment Gains                                                  ($67 M)   |
| - Tax Provision & Equity Adjustments (-$1,073M Tax / -$5M Equity)    ($1,078 M)   |
| --------------------------------------------------------------------------------- |
| = Non-GAAP Net Income                                                 $3,471 M    |
+-----------------------------------------------------------------------------------+
| GAAP Operating Cash Flow (OCF)                                        $1,202 M    |
| - Capital Expenditures (CapEx - Property & Equipment Purchases)        ($648 M)   |
| --------------------------------------------------------------------------------- |
| = Free Cash Flow (FCF)                                                  $554 M    |
|   (Reflects $2,995M sequential inventory build & $1,928M AR expansion)             |
+-----------------------------------------------------------------------------------+

A precise accounting breakdown of customer warrant liabilities reveals important mechanics between the income statement and cash flows. On the Condensed Consolidated Statement of Operations, AMD recognized a $1,097 million non-cash mark-to-market charge in Other Income (Expense), net, reflecting higher fair value estimates driven by AMD stock price appreciation and increased probability of milestone achievements. On the Condensed Consolidated Statement of Cash Flows, this appears as a $1,179 million line item ("Non-cash impact of warrants issued to customers, net"), which incorporates net deferred warrant costs and amortization dynamics. Because this mark-to-market liability adjustment requires zero cash outlay, excluding it from Free Cash Flow and Non-GAAP Net Income is economically sound, provided future share dilution is factored into per-share valuations.

The cash generation profile during Q3 2026 highlights significant working capital absorption. Operating Cash Flow came in at $1,202 million, which, after deducting $648 million in CapEx, produced Free Cash Flow of $554 million (a 4% FCF margin), compared to $1,530 million (17% margin) in Q3 2025. This temporary cash conversion drag was driven by intentional working capital expansion: inventory surged by $2.995 billion sequentially to $11.463 billion (up from $7.920 billion at FY25 year-end), while net accounts receivable rose to $9.209 billion (up from $6.315 billion at FY25 year-end). Management deployed capital into pre-building complex Data Center silicon—specifically wafer allocations, substrates, high-bandwidth memory (HBM), and advanced packaging—to support Q4 2026 revenue guidance of ~$17.0 billion (+66% YoY) and projected FY 2027 top-line growth of >80%. This working capital build represents a high-return cash advance rather than operational inefficiency.

Moat Durability and Competitive Advantage#

AMD’s economic moat expanded during Q3 2026, driven by market share gains in server compute, hardware-software co-design at rack scale, and accelerating embedded design wins.

               +---------------------------------------------------+
               |           DATA CENTER REVENUE MIX SHIFT           |
               +---------------------------------------------------+
               |  Q3 2025: $4.341 Billion (47% of Total Corporate)  |
               |  Q3 2026: $8.546 Billion (64% of Total Corporate)  |
               |  2027 Outlook: >80% of Total Corporate Revenue     |
               +---------------------------------------------------+

Pricing Power & Product Leadership#

The Data Center segment delivered $8.546 billion in revenue (+97% YoY), accounting for 64% of total sales. Server CPU sales more than doubled year-over-year, outperforming management's previous >80% growth forecast as EPYC gained revenue share across cloud and enterprise. The 5th Gen (Turin) and 6th Gen (Venice) EPYC processors have established leading core density, execution throughput, and energy efficiency. EPYC is now deployed across more than 540 public cloud instance types globally. Crucially, frontier AI labs have adopted EPYC as the host CPU for custom accelerator nodes; OpenAI selected Turin processors as host CPUs for its initial custom accelerator infrastructure, demonstrating pricing power and product leadership.

System Architecture & Switching Costs#

AMD is deepening customer switching costs by shifting hyperscalers from discrete component purchasing to integrated rack-scale architecture. The introduction of the Helion reference design and Helios platform integrates Venice CPUs, Instinct MI455X GPUs, and low-latency networking into turnkey compute blocks. Co-designing hardware blueprints alongside open software frameworks creates systemic lock-in: hyperscalers (Anthropic, Meta, Microsoft, OpenAI, Oracle Cloud Infrastructure) co-optimize their workload pipelines around AMD's platform architecture at the rack level rather than the socket level. In an all-CPU configuration, a single Helion rack packs up to 144 Venice processors delivering nearly 74,000 threads—the highest agentic compute density in the semiconductor industry.

Software Ecosystem Maturity & Embedded Strength#

AMD continues to narrow its historical software moat gap via ROCm 10 and ROCm.AI, which automate profiling, bottleneck identification, and real-time optimization. Ecosystem validation was highlighted by Anthropic, which utilized Claude to bring up its latest models on Instinct GPUs over a single weekend.

Beyond Data Center AI, AMD’s economic moat is reinforced by its Embedded segment, which generated $1.109 billion in revenue (+29% YoY, +14% QoQ) and $453 million in operating income (a 41% operating margin). Marking its fourth consecutive quarter of accelerating growth across aerospace, defense, automotive, and industrial markets, Embedded remains on track to secure over $18 billion in 2026 design wins, providing high-margin cash flows that enhance corporate return on capital.

Ecosystem Vulnerabilities & Concentration Risks#

Despite Data Center and Embedded strength, structural risks remain: * Client Market Cyclicality: Component and memory cost inflation weighed on PC sell-through late in Q3. Management projects total PC market unit shipments to contract by a double-digit percentage in 2027. Client segment revenue rose 7% YoY to $2.949 billion in Q3, but declined 4% sequentially. * Gaming Segment Decay: Gaming revenue fell 40% YoY to $773 million due to semi-custom console cycle aging and lower graphics sell-through. * Customer Concentration Risk: Competing x86/ARM architectures and internal customer ASICs pose persistent substitution threats. Ramping multi-gigawatt deployments across a concentrated customer base (Anthropic, Meta, Microsoft, OpenAI, Oracle) leaves AMD vulnerable to CapEx digestion cycles if anchor hyperscalers pause deployment velocity.

Return on Capital, Margin Expansion, and Financial Leverage#

AMD’s capital efficiency and profitability surged in Q3 2026, driven by operational mix shift toward Data Center products rather than financial balance sheet leverage.

Explicit DuPont Analysis Breakdown#

To dissect the fundamental drivers of AMD's Return on Equity (ROE) expansion, a multi-factor DuPont analysis isolates operational efficiency, asset utilization, tax management, and leverage:

1. Tax Burden / Tax Efficiency: GAAP Tax Benefit of -$555 million in Q3 2026 (due to discrete tax adjustments vs. a $252 million provision in Q2 2026) provided a temporary boost to GAAP Net Income ($2,428 million) relative to Pre-Tax Income ($1,868 million).
2. Interest Burden: Interest expense of $62 million against GAAP Operating Income of $2,832 million yields an interest coverage retention rate of 97.8% ($2,770M EBT / $2,832M EBIT), demonstrating minimal earnings drag from debt service.
3. Operating Margin Expansion: GAAP Operating Margin expanded 700 basis points year-over-year to 21% (GAAP Operating Income reached $2.832 billion, up 123% YoY). Non-GAAP Operating Margin reached 29% (up 500 bps YoY), as Non-GAAP operating expenses ($3.560 billion, +29% YoY) grew far slower than revenue (+45% YoY), demonstrating powerful operational leverage.
4. Asset Turnover: Quarterly revenue of $13.377 billion relative to total ending balance sheet assets of $94.812 billion represents a quarterly asset turnover of ~0.141x, reflecting inventory ($11.463 billion) and liquid cash ($15.776 billion) expansion ahead of product ramps.
5. Financial Leverage Multiplier: Total Assets ($94.812 billion) divided by Total Stockholders' Equity ($68.389 billion) yields a conservative financial leverage multiplier of ~1.39x.

This DuPont breakdown proves that AMD's return acceleration is overwhelmingly driven by Data Center operating margin expansion rather than financial leverage.

Capital Structure & Solvency Strength#

AMD maintains a net cash capital balance. As of September 26, 2026: * Cash, Cash Equivalents, & Short-Term Investments: $15.776 billion. * Total Debt: $7.079 billion, reflecting the August 2026 issuance of $4.75 billion in senior notes. * Debt Maturity Structure: Notably, the balance sheet confirms that current debt was reduced to $0 (down from $874 million at FY25 year-end), leaving all $7.079 billion structured as long-term debt. * Net Cash Balance: $8.697 billion (~$8.7 billion), providing strong balance sheet solvency.

Cost of Capital vs. ROIC Investment#

AMD increased R&D investments by 31% YoY to $2.803 billion in Q3 2026. This capital deployment into Next-Gen EPYC (Venice), Instinct (MI450/MI500 series), and ROCm software is backed by a server compute addressable market projected to reach $220 billion by 2030. With Data Center operating margins reaching 34% (up from 25% in Q3 2025), incremental Return on Invested Capital (ROIC) comfortably exceeds AMD's cost of capital.

Management Candour and Strategic Capital Allocation#

Management execution under Chair & CEO Dr. Lisa Su and CFO Jean Hu reflects disciplined capital allocation and high communication transparency regarding market dynamics.

Capital Allocation Discipline#

During Q3 2026, management completely paused common stock buybacks ($0 repurchased under the common stock program vs. $89 million in Q3 2025 and $221 million over 9M26). Rather than repurchasing shares at elevated market multiples, capital was prioritized for operational investments: 1. Funding the $2.995 billion sequential inventory expansion ($11.463 billion total balance) to fulfill Data Center orders. 2. Executing $648 million in CapEx ($1.845 billion 9M26) for dedicated assembly, test, and backend capacity. 3. Preserving $15.776 billion in total cash and short-term liquidity reserves.

+-----------------------------------------------------------------------------------+
|                        Q3 2026 CAPITAL DEPLOYMENT PROFILE                         |
+-----------------------------------------------------------------------------------+
| Inventory Working Capital Investment (Sequential Build)                $2,995 M   |
| Internal Research & Development (R&D) Re-investment                     $2,803 M   |
| Property, Plant & Equipment Capital Expenditures (CapEx)                 $648 M   |
| Common Stock Share Repurchases (Common Stock Program)                        $0   |
+-----------------------------------------------------------------------------------+

Strategic M&A Execution#

AMD avoids dilutive mega-mergers, executing small, highly targeted capability tuck-ins: * ZT Systems Asset Optimization: Following the ZT Systems transaction, AMD retained the ZT Design Business (incorporating 1,000+ system engineers) while completing the planned sale of the low-margin ZT Manufacturing Business to Sanmina in October 2025. This secured rack-scale design capabilities without burdening AMD with contract manufacturing hardware assets. * Taalas Acquisition: Pending tuck-in adds specialized, low-latency inference silicon technology to enhance real-time model execution efficiency. * World Labs Acquisition: Pending acquisition brings a spatial intelligence research team led by co-founder Dr. Fei-Fei Li (who joins AMD as Chief Scientist) to guide future hardware and systems roadmaps. Both transactions are slated to close by the end of fiscal 2026.

Guidance Candour & Forward Visibility#

Management maintained notable transparency with investors. Dr. Lisa Su explicitly acknowledged subseasonal consumer PC demand and component cost inflation, proactively modeling a double-digit percentage decline in 2027 PC unit shipments.

Conversely, management provided strong forward visibility for the Data Center segment: * Q4 2026 total revenue guided to ~$17.0 billion (+66% YoY), driven by a ~50% sequential surge in Data Center sales. * Full-year 2027 total company revenue projected to grow over 80% (more than double its previous baseline model), with server CPU revenue doubling and Data Center sales expanding to over 80% of total AMD corporate revenue.

Intrinsic Value vs. Market Price and Margin of Safety#

Evaluating AMD’s intrinsic value requires balancing forward operational acceleration against dilution dynamics, customer concentration, and supply chain dependencies.

Growth Outlook vs. Quality of Earnings#

AMD is undergoing an upward shift in business quality. Historically exposed to cyclical personal computer markets, AMD’s 2027 revenue composition will see Data Center products account for >80% of total revenue. Because Data Center generates high segment operating margins (34% in Q3 2026), corporate operating leverage will expand profitability rapidly as operating expenses grow at less than half the rate of top-line revenue growth in 2027.

Dilution and Customer Warrant Framework#

A key factor in per-share intrinsic value modeling is the treatment of customer warrant agreements. The multi-year OpenAI partnership to deploy 6 gigawatts of GPUs (starting with 1 GW of MI455X/Helios infrastructure) includes performance and volume-vested warrants. Accounting rules require these warrants to be marked-to-market quarterly, generating non-cash charges ($1.097 billion in Q3 2026) in GAAP Other Income (Expense) based on stock price movements and milestone probabilities.

While these charges create GAAP net income volatility, value investors must model future equity dilution beyond the current baseline of 1.661 billion diluted shares. As milestone conditions are met in 2027+, share issuance will expand the share count. However, because warrant vesting is tied to multi-gigawatt GPU off-take and locked-in revenue contracts, the resulting cash flow and top-line growth are expected to be net accretion positive on an intrinsic value per share basis.

Margin of Safety Calibration#

A margin of safety must account for AMD's balance sheet net cash ($8.7 billion) alongside key execution risks: 1. Supply Chain Tightness: Delivering >80% top-line growth in 2027 requires seamless coordination across foundry wafers, CoWoS packaging, substrates, and HBM memory. Demand currently exceeds available industry supply. 2. Working Capital Realization: The $11.463 billion inventory build must efficiently convert into cash collections during Q4 2026 and FY 2027 to normalize Free Cash Flow conversion from current depressed levels (4%). 3. Customer Concentration: Ramping compute blocks across major hyperscalers leaves revenue vulnerable to potential CapEx digestion cycles.

Footnotes and Items Worth Watching#

Because AMD’s official Form 10-Q for the quarterly period ended September 26, 2026, was not yet filed at the time of this analysis, this financial evaluation relies strictly on the Q3 2026 Earnings Release (EX-99.1), the Form 10-Q for the quarter ended June 27, 2026, and the Form 10-K for the fiscal year ended December 27, 2025.

Key risk factors, accounting details, and unusual items identified across the filings include:

• Non-GAAP Add-Backs & Reconciliations: Non-GAAP operating income of $3.923 billion reconciles to GAAP operating income of $2.832 billion by adding back $523 million in Stock-Based Compensation, $534 million in amortization of acquired intangibles ($257M in cost of sales, $277M in OPEX), $27 million in acquisition-related costs, and $7 million in legal loss contingencies (Earnings Release EX-99.1, Reconciliation Tables).
• Customer Warrant Liabilities & Cash Flow Mechanics: Recognition of a $1,097 million non-cash mark-to-market charge in Other Income (Expense), net, during Q3 2026 due to quarterly remeasurements of customer warrant liabilities driven by stock price changes and milestone probabilities (Earnings Release EX-99.1, Note 3 to Non-GAAP Reconciliation). This corresponds to a $1,179 million operating cash flow add-back adjustment (Earnings Release EX-99.1, Statement of Cash Flows).
• Working Capital Asymmetries: Accounts receivable reached $9,209 million (up from $6,315 million at FY25 year-end) and inventories expanded to $11,463 million (up from $7,920 million at FY25 year-end and ~$8.5 billion in Q2 2026), outpacing quarterly sales growth due to Data Center product ramp preparations (Earnings Release EX-99.1, Balance Sheets).
• Debt Structure & Zero Current Debt: Total debt reached $7.079 billion as of September 26, 2026, following a $4.75 billion senior notes offering in August 2026. Balance sheet details confirm current debt was reduced to $0 (down from $874 million at FY25 year-end), leaving all debt structured as long-term debt (Earnings Release EX-99.1, Balance Sheets).
• Tax Provision Volatility: GAAP tax benefit of $555 million in Q3 2026 (compared to a $252 million provision in Q2 2026), whereas Non-GAAP net income applies a normalized effective tax rate of 13% (Earnings Release EX-99.1, Statements of Operations and Footnotes).
• Acquisitions & Discontinued Operations: Divestiture of ZT Systems' manufacturing operations to Sanmina completed in Q4 2025 resulted in zero discontinued operations impact in Q3 2026 (vs. an $8 million loss in Q2 2026). Pending acquisitions of Taalas and World Labs are scheduled to close by fiscal year-end 2026 (Earnings Release EX-99.1, Note 4; FY25 Form 10-K).
• Segment Realignment: Alignment combining Client and Gaming into a single reportable segment became effective in Q1 2025, leaving three reportable segments: Data Center, Client and Gaming, and Embedded (Form 10-K for FY ended December 27, 2025, Item 1).

Valuation#

Owner Earnings Trend#

• Q3 2026 Operating Cash Flow: $1,202 million (down from $1,788 million in Q3 2025).
• Q3 2026 Free Cash Flow: $554 million (down from $1,530 million in Q3 2025).
• Cash Flow Trajectory: Owner earnings conversion is temporarily degraded by a $2.995 billion sequential inventory buildup, masking fundamental GAAP operating income growth of 123% YoY ($2.832 billion) and Non-GAAP operating income growth of 75% YoY ($3.923 billion).

Baseline Inputs and Dilution Factors#

• FY 2027 Projected Revenue Growth: >80% year-over-year corporate top-line expansion.
• Server Compute TAM: Projected by management to expand to ~$220 billion by 2030.
• Current Diluted Share Count: 1.661 billion shares as of Q3 2026.
• Dilution Dynamics: Future warrant exercise (such as the OpenAI multi-gigawatt deal) will increase diluted shares outstanding in 2027+, but contractual revenue off-take and cash flows are expected to be accretion positive on a net per-share intrinsic value basis.

Margin of Safety Calibration#

A prudent valuation must incorporate a margin of safety scaled to AMD's transition toward Data Center dominance (>80% of 2027 sales). Investors should apply valuation discounts to reflect: 1. Supply chain dependencies across foundry wafers, advanced CoWoS packaging, substrates, and HBM memory. 2. Short-term working capital friction during inventory build phases. 3. Hyperscaler customer concentration and CapEx cycle exposure.

Key Numbers#

• Net Revenue (Q3 2026): $13.377 billion (+45% YoY) (Source: Q3 2026 Earnings Release)
• GAAP Gross Margin (Q3 2026): 54% (+200 bps YoY) (Source: Q3 2026 Earnings Release)
• Non-GAAP Gross Margin (Q3 2026): 56% (+200 bps YoY) (Source: Q3 2026 Earnings Release)
• GAAP Net Income (Q3 2026): $2.428 billion (+95% YoY) (Source: Q3 2026 Earnings Release)
• Non-GAAP Net Income (Q3 2026): $3.471 billion (+77% YoY) (Source: Q3 2026 Earnings Release)
• GAAP Diluted EPS (Q3 2026): $1.46 (Source: Q3 2026 Earnings Release)
• Non-GAAP Diluted EPS (Q3 2026): $2.09 (Source: Q3 2026 Earnings Release)
• Data Center Segment Revenue (Q3 2026): $8.546 billion (+97% YoY) (Source: Q3 2026 Earnings Release)
• Client and Gaming Segment Revenue (Q3 2026): $3.722 billion (-8% YoY) (Source: Q3 2026 Earnings Release)
• Embedded Segment Revenue (Q3 2026): $1.109 billion (+29% YoY) (Source: Q3 2026 Earnings Release)
• Operating Cash Flow (Q3 2026): $1.202 billion (Source: Q3 2026 Earnings Release)
• Free Cash Flow (Q3 2026): $554 million (Source: Q3 2026 Earnings Release)
• Cash, Cash Equivalents, and Short-Term Investments (As of September 26, 2026): $15.776 billion (Source: Q3 2026 Earnings Release)
• Total Debt (As of September 26, 2026): $7.079 billion (Source: Q3 2026 Earnings Release)
• Inventories (As of September 26, 2026): $11.463 billion (Source: Q3 2026 Earnings Release)
• Q4 2026 Revenue Outlook: $17.0 billion, plus or minus 3% (+66% YoY) (Source: Q3 2026 Earnings Release)

What Would Change Our View#

1. Data Center AI Execution Failure: Software layer regressions in ROCm 10 or hardware deployment delays in Helios, MI450, or MI500 platforms, prompting major cloud hyperscalers to redirect primary AI workloads to alternative GPUs or internal custom ASICs.
2. Severe Working Capital Impairment: Inability to liquidate the $11.463 billion inventory build into realized cash flow during Q4 2026 and FY 2027, resulting in inventory write-downs or prolonged negative Free Cash Flow conversion.
3. Severe Supply Chain Bottlenecks: Allocation shortfalls across critical components—such as advanced foundry wafers, CoWoS packaging, substrates, or HBM memory—that prevent AMD from fulfilling its >80% projected top-line growth in fiscal 2027.
4. Excessive Warrant Dilution: Issuance of additional customer warrant structures that dilute common equity holders without securing corresponding contractual multi-year revenue and cash flows.

Our Stance#

Bullish. AMD's transformation into a Data Center-dominant computing infrastructure provider delivers structural operating leverage and multi-year revenue visibility that outweigh temporary working capital cash flow drags. While inventory expansion and customer warrant dilution require close monitoring, the company's expanding economic moat across EPYC server processors and Helios rack-scale AI systems offers an attractive return profile for long-term value investors.

For readers interested in diving deeper into our comprehensive methodology, we invite you to read the full open-source report on Advanced Micro Devices on the DeepValues Research site or check the stock's intrinsic value in the DeepValues app.

Sources#

• Advanced Micro Devices (AMD) Earnings Call Q3 2026, Insider Trading YouTube Channel
• Form 8-K / Earnings Press Release (EX-99.1) for Period Ended September 26, 2026, Advanced Micro Devices, Inc.
• Form 10-K for the Fiscal Year Ended December 27, 2025, Advanced Micro Devices, Inc.