Advanced Micro Devices Inc at UBS Global Technology and AI Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Timothy Arcuri - UBS AG - Analyst : Great. Thank you. So first, I just wanted to start by talking about the transformation that you led. I think beginning three or four years ago, you've transformed the company from being less than 20% data center to nearly 50% this year. What have been the drivers for this transformation? Some of it has been market growth, but some of it was a decision that you made years ago to sort of pivot the company in this direction.

Question: Timothy Arcuri - UBS AG - Analyst : Yes, I actually wanted to ask you about that. So you had this Analyst Day recently. You gave us a new $1 trillion data center TAM by 2030. You were saying $500 billion by 2028 before, so you've upped that. But you also importantly said that you can get double-digit share of that pie. You're doing $16 billion in data center this year, would put you on a 60% CAGR, as you said. That's up from the 50% CAGR over the past five years. How are you winning? And what's the crux of your competitive advantage in data center?

Question: Timothy Arcuri - UBS AG - Analyst : So there's been some recent news in the market that have made people think that ASICs are going to take over the accelerator market. And I just wanted to get your opinion on that and sort of the general competitive landscape in the AI world. Is ASIC really a threat to GPUs? You've said that ASICs are going to be 20%, 25% share of the market. Has anything we've heard recently changed your view on that?

Question: Timothy Arcuri - UBS AG - Analyst : And if a customer came to you and wanted you to build an ASIC for them, is that something that you would do?

Question: Timothy Arcuri - UBS AG - Analyst : Great. So I wanted to go on to another debate that's in the marketplace, and that's whether there's a bubble right now in AI. You weren't going to get away without me asking you this.

Question: Timothy Arcuri - UBS AG - Analyst : So can you just talk about that? I know NVIDIA went at that pretty hard on their call. So I just wanted to give you a chance to address that. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 3:15PM, AMD.OQ - Advanced Micro Devices Inc at UBS Global Technology and AI Conference

Question: Timothy Arcuri - UBS AG - Analyst : And I guess just on that end, so there's a lot of talk that there's not an ROI for these CapEx dollars. I know that people say that they're short on compute. But when you look at AI and the actual use cases, can you speak to that?

Question: Timothy Arcuri - UBS AG - Analyst : Thank you. So another point is that you're moving from being a silicon company to being a systems company. And a big piece of that was your acquisition of ZT. And then you -- and your partnership now with Sanmina. So can you actually speak to that? And you're a bit of a fast follower in building these racks in these systems. So do you think that you've learned from some of the growing pains that your peer had?

Question: Timothy Arcuri - UBS AG - Analyst : Great, thank you. One thing I also hear is that you're fighting a battle on multiple fronts. You're fighting Intel and AMD in PC, you're fighting NVIDIA, and you're fighting ASICs, and you're not that large of a company yet. So when you think about prioritizing development, do you feel like you're having to sort of disinvest in certain areas and invest in others?

Question: Timothy Arcuri - UBS AG - Analyst : Great. Can we talk about the deal with OpenAI? You offered them 10% of the company with warrants. There's various strike prices at each tranche. How did the deal come together? And how does it change your engagement with the other customers?

Question: Timothy Arcuri - UBS AG - Analyst : And are you any more engaged? Have you had any more conversations lately that you might not have had, had you not announced that deal?

Question: Timothy Arcuri - UBS AG - Analyst : And do you worry about customer concentration? Can you speak a little bit about breadth? If you look out in your forecast, how broad will your customer base be? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 03, 2025 / 3:15PM, AMD.OQ - Advanced Micro Devices Inc at UBS Global Technology and AI Conference

Question: Timothy Arcuri - UBS AG - Analyst : Great. Well, we've made it to 23 minutes, and we haven't talked about CPU yet. So maybe we can talk about that. So demand is obviously very strong in both PC and in server. So maybe we can talk about that. We keep hearing about hyperscalers asking for supply, and we keep hearing about long-term contracts, particularly on the server side. So can you just talk about that and just talk about the supply environment?

Question: Timothy Arcuri - UBS AG - Analyst : And you've gained a bunch of share in data center. Do you think that in server, has your lead at all shrunk? Do you think that you'll continue to gain share?

Question: Timothy Arcuri - UBS AG - Analyst : Great. One thing that I was quite surprised about from the Analyst Day was that you had pretty strong share aspiration gains in client actually. You think you can be more than 40% share in the client. Can you just talk about that?

Question: Timothy Arcuri - UBS AG - Analyst : Do you worry that -- because memory prices have gone up so much, do you worry about some despecking in PC? Or do you worry that it hurts the market at all, that it hurts demand?

Question: Timothy Arcuri - UBS AG - Analyst : Great. And maybe we can talk about some of the bottlenecks that you're worried about over that 2030 forecast you gave. Are there things that you're worried about, like HBM or CoWoS? Or what is something that kind of keeps you up at night that could constrain your growth?

Question: Timothy Arcuri - UBS AG - Analyst : Great. Well, we're out of time. Thank you, again, Lisa.