Advanced Micro Devices (AMD) crossed the USD 1 trillion market capitalization mark for the first time, as CEO Lisa Su’s push into artificial intelligence continues to drive investor interest. AMD shares touched a record price of USD 615.52 on September 21 after rising nearly 10% in a single session.
This makes the company the fourth American chipmaker to enter the trillion-dollar club after NVIDIA, Broadcom and Micron. AMD’s stock has gained 185% this year and nearly 300% over the past 12 months.
“AI is driving a significant expansion in demand for compute across all of our markets,” Su said in AMD’s second-quarter results statement.
AMD reported a 50% increase in second-quarter revenue to a record USD 11.5 billion. Data center sales rose 107% to USD 6.7 billion, accounting for 58% of total revenue.
The company has guided for about USD 13 billion in third-quarter revenue and expects data center revenue to more than double in 2027. AMD also expects server revenue to grow more than 80% in the second half of 2026.
“Demand for both accelerators and CPUs is growing well above our prior expectations,” Su told analysts on the earnings call.
Major deals with technology companies have supported AMD’s AI strategy. Anthropic has agreed to deploy up to 2GW of AMD Instinct MI450 GPUs in Helios, with the first gigawatt expected in the first half of 2027. AMD has committed up to USD 5 billion in equity investment in Anthropic.
OpenAI signed a 6GW supply agreement with AMD last October, while Oracle is building a publicly available cluster featuring 50,000 MI450 GPUs.
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NVIDIA remains far ahead in the AI accelerator market despite AMD’s rapid growth. It is currently valued at about USD 5.4 trillion and holds an estimated 81% market share, compared with AMD’s 13%.
AMD’s third-quarter results will be its next major update. The company has guided for nearly USD 13 billion in revenue and a 56% non-GAAP gross margin, as investors assess whether its AI expansion can support its trillion-dollar valuation.