Research: Illustration
Date: May 18, 2026
AMD just delivered another strong quarter.
Revenue jumped 38%. Data Center growth exploded 57%. Free cash flow hit record levels. And perhaps most importantly, hyperscalers are now treating AMD like a serious AI infrastructure supplier, not just an NVIDIA alternative experiment anymore.
But beneath the excitement, another story is becoming harder to ignore:
AI growth is getting expensive.
Operating expenses surged 42% as AMD aggressively ramps spending across GPUs, software, packaging, and cloud infrastructure partnerships.
That’s the new reality of the AI arms race.
