AMD
Sphere us
Pocket
Chips
The credible #2 AI-GPU challenger; net-cash and mostly free to deploy.
The metrics
- Posture med
- expanding 1 src →
- Capital · available high
- ~$12.3B cash+STI (Q1 2026, ended Mar 31 2026; cash $5.6B + ST inv $6.8B); net cash ~$8.5B (total debt $3.9B) 1 src →
- Capital · operating high
- ~$8.6B/yr FCF (TTM to Mar-2026); TTM operating cash flow $9.7B; FY2025 FCF $6.7B 1 src →
- Capital · deployed high
- TTM buybacks ~$1.5B (FY25 $1.9B); capex ~$1.2B; AI-GPU R&D + ZT Systems / Xilinx integration; strategic partner equity (e.g. Anthropic-linked) 1 src →
- Capital · in high
- FY2025 revenue $34.6B; TTM revenue $37.5B; TTM net income $5.0B 1 src →
- Capital · out high
- R&D-led + capex ~$1.2B + buybacks ~$1.5B/yr + acquisition integration (ZT Systems); no dividend 1 src →
- Optionality high
- mostly free — net cash $8.5B, low leverage; self-earmarked to AI-GPU R&D + ZT/Xilinx integration, single-class governance 1 src →
- Gravity low
- GROSS — x86 server + PC + DC-GPU on AMD silicon; AMD-claimed DC-accelerator TAM ~$500B by 2028 (AMD-sourced projection, needs primary — low confidence) 2 src →
Projects & threads
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Vocabulary