AMD Intel'in Öğle Yemeğini Yiyor

AMD Is Eating Intel’s Lunch

Alex Sirois

Tue, September 15, 2026 at 2:15 PM GMT+3 4 min read

Quick Read

• AMD's Data Center revenue hit $6.72B, up 107% YoY, while Intel's DCAI grew 59% but hemorrhaged $2.1B in Foundry losses.

• Anthropic, OpenAI, and Meta have committed to AMD's Helios rackscale platform, locking in multi-generation AI silicon deals.

• AMD's non-GAAP operating margin surged from 12% to 27%, yet both stocks have already rallied over 130% year to date.

• Read More: Learn 7 secret wealth tips high net worth investors use that most investors miss (sponsor)

AMD (NASDAQ: AMD) and Intel (NASDAQ: INTC) both just posted Q2 2026 results, and the contrast is hard to miss. AMD's Data Center segment more than doubled on EPYC and Instinct demand. Intel grew faster than it has in fifteen years, yet still swallowed a massive GAAP loss and a $2.1 billion Foundry hole. Same customers, same workloads, very different scoreboards.

EPYC Is Draining Intel's Cash Engine

AMD's Data Center segment brought in $6.72 billion, up 107% year over year, with cloud and enterprise server sales each growing more than 70%. Lisa Su called it the fifth consecutive quarter of record server CPU revenue, and management said AMD gained x86 server revenue share year over year. That is the punchline. EPYC is winning sockets.

Intel's DCAI unit still put up $6.26 billion, up 59% YoY, its strongest server growth on record. Lip-Bu Tan admitted the constraint bluntly: "Some area we are still behind, but we are catching up very fast." CFO David Zinsner said "Server CPU demand continues to far outpace available supply," which sounds great until you remember AMD is the one absorbing the overflow.

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Q2 2026 Data Center

AMD

Intel DCAI

Revenue

$6.72B

$6.26B

YoY Growth

+107%

+59%

Flagship CPU

EPYC Venice (Zen 6, 2nm)

Xeon 6+ on Intel 18A

One Ships AI Racks, One Fixes Its Fabs

AMD is pushing rackscale. Helios pairs Venice CPUs with MI450 GPUs, and customer commitments already include Anthropic (up to 2 gigawatts of MI450 in Helios), plus multi-generation deals with OpenAI and Meta. Su claims Helios delivers up to 30% more tokens per dollar than the competition. That is a marketing number, but the customer list is real.

Intel's story is a manufacturing turnaround. Intel 18A output rose more than 50% quarter-over-quarter, and the company entered risk production on 18AP. Foundry still lost $2.1 billion in the quarter. A $12.53 billion non-cash charge tied to the CHIPS Act escrow drove a GAAP loss of $2.16 per share. Non-GAAP EPS of $0.42 beat the $0.22 estimate, so the operating story is genuinely better, but the balance sheet is doing gymnastics.

What I Am Watching Into 2027

AMD guided Q3 to roughly $13 billion, up 41% YoY, and expects the Data Center segment to more than double again in 2027. Intel guided Q3 revenue to $15.8 billion to $16.8 billion with non-GAAP EPS of $0.38. The variable I care about is whether Intel's Diamond Rapids and Coral Rapids actually close the gap before Venice cements EPYC as the default cloud socket.

Why I Still Lean AMD, With One Caveat

Personally, I lean AMD. Product leadership, customer pull, and margin expansion (non-GAAP operating margin hit 27%, up from 12%) all point the same direction. The caveat: AMD is up 130.39% year to date and Intel is up 163.39%, so a lot of the turnaround is priced in on both. AMD offers the cleaner earnings story, while Intel Foundry represents the higher-variance turnaround thesis with more binary risk. If you are hunting for the next monster run in AI silicon, we reverse-engineered what the biggest tech winners looked like early in a free playbook here.

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