AMD Expected to Unveil New AI Customers; Deal Terms Key for Stock
Advanced Micro Devices (AMD) is set to host its Advancing AI event in San Francisco on July 22-23, 2026. Jefferies analyst Blayne Curtis expects AMD to raise its total addressable market estimate past $200 billion and provide details on MI500 chips. The key focus is on new customer announcements, particularly potential deals with Microsoft (MI450) and Anthropic. The analyst emphasizes that the terms of any Anthropic deal matter more than the announcement itself, as previous deals with OpenAI and Meta required AMD to issue warrants for 160 million shares each, diluting equity by about 20%. A normal agreement without equity incentives would signal AMD can win customers on chip strength. AMD's stock has surged 135% year-to-date but fallen 5.77% in the last five days. The company reported Q1 FY2026 revenue of $10.3 billion (up 38% YoY) with strong data center growth. AMD holds $12.35 billion in cash against $3.87 billion in debt.
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