AMD: 2Q26 Preview: Server CPU Upside Set to Continue—Core Count Expansion x Flat / Up $/Core. Increase Ests; PT to $615

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AMD: 2Q26 Preview: Server CPU Upside Set to Continue—Core Count Expansion x Flat / Up $/Core. Increase Ests; PT to $615

side. EPS

2026E 1.37 A 1.63 E 1.76 E 2.39 E 7.15 E

AMD well-positioned for mix shift to high core-count server CPUs; expect increasing Prior NC 1.60 E 1.74 E 2.33 E 7.05 E

confidence in flat-to-up $/core as a key input. We would expect questions over 2027E 2.65 E 3.06 E 3.58 E 4.11 E 13.40 E

competitive dynamics (x86 vs. Arm) to grow given Arm's entry w/ AGI + NVIDIA's stand- Prior 2.53 E 2.99 E 3.50 E 3.98 E 13.00 E

alone Vera CPU push (noted $200B CPU TAM; ~50% of $20B CPU rev this yr. = stand-

alone CPU racks). Our overarching view at this point is that the shift to an inference Source:NA = NotCompanyAvailable,Data,NC =WellsNo Change,Fargo SecuritiesNE = Noestimates,Estimate and Factset.

dominant compute TAM can support a broadening competitive environment.

Aaron Rakers, CFA

AMD announced that its 6th Gen 2nm EPYC Venice server CPUs began production ramp Equity Analyst | Wells Fargo Securities, LLC Aaron.Rakers@wellsfargo.com | 314-875-2508

in late-May; volume ramp through 2H26 w/ stand-alone + Helios rack deploys. AMD has

Michael Tsvetanov, CFAnoted it has more customers validating & ramping Venice than any prior EPYC generation

Associate Equity Analyst | Wells Fargo Securities, LLC

and believes Venice expands its competitive lead vs. Intel (note Diamond Rapids' lack of Michael.Tsvetanov@wellsfargo.com | 314-875-2558

SMT). Follow-on 2nm EPYC Verano in 2027 (also 6th gen family) expected to focus on AI Richard Strifler, CFAperf/$/watt leadership & support for LPPDR SOCAMM2 modules. Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Strifler@wellsfargo.com | 314-875-3234