AMDAdvanced Micro Devices, Inc.

AMD designs processors and accelerators, competing with Intel in servers and with Nvidia in AI compute.

EPYC server processors are the company's main achievement of recent years: they took a substantial share of the data-centre market from Intel on core count and on performance per watt. Alongside them sit desktop Ryzen parts, Radeon graphics and embedded products, including the silicon inside games consoles.

The Instinct accelerators are an attempt to claim part of the model-training market. The hardware is competitive on specifications, but the ROCm software layer is considerably younger than CUDA, and it is software maturity that decides whether a buyer switches. The market reads each large cloud contract as a test of that proposition.

Like Nvidia, AMD owns no fabs and depends on TSMC and on HBM memory supply. The business is cyclical: the consumer segment falls with PC demand, while the server segment tracks the investment cycles of large buyers. The company pays no dividend.