AMD has just posted its latest financial results and the message is clear: Things are good. Things are very good. Indeed, CEO Lisa Su summed it all up succinctly: "We delivered an outstanding quarter with record revenue and profitability."
Overall revenue was up 36% to $9.2 billion, while profits grew by 31% to $2.2 billion. Remember, these numbers are for the third quarter of 2025, alone. But from a PC Gaming perspective, the really good news is that the figures weren't all about selling AI chips to the likes of OpenAI.
Sure, AMD's data centre revenue was up 22% year-over-year to a record $4.3 billion, making it the largest single contributor. But combined client and gaming revenue increased even more, up 73% year-over-year to $4 billion. In other words, AMD is still pulling in almost as much cash from PC processors and graphics chips as it does from servers and AI clients.
"Our PC processor business is performing exceptionally well with record quarterly sales as the strong demand environment and breadth of our leadership Ryzen portfolio accelerates growth," Su says.
Even gaming graphics, often the laggard when AMD reports its financials, are looking up.
"In gaming, revenue increased 181% year-over-year to $1.3 billion. Semi-custom revenue increased as Sony and Microsoft prepare for the upcoming holiday sales period. In gaming graphics, revenue and channel sell-out grew significantly driven by the performance per dollar leadership of our Radeon 9000 family," she says.
Of course, over the next year or so, it is inevitably AI GPUs where AMD sees the biggest opportunities. "MI450 Series comes online in the second half of 2026, and we would expect a sharper ramp as we go into the second half of 2026 of our data center AI business," Su says, referring to AMD's next-gen AI chips.
And then there's that multi-year mega deal with OpenAI that's potentially worth countless billions. But for us the takeaway here is that despite the focus on AI, AMD is doing well across the board.
Even if there is an AI bubble that's set to burst, the company looks to have a robust business that goes well beyond that segment. Exactly what this all means for, say, AMD's next-gen gaming GPUs, obviously isn't clear. But given how important AMD is to the PC and gaming more specifically, it's all generally very good news indeed.
