AMD: Announces Strategic Partnership with Anthropic

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AMD: Announces Strategic Partnership with Anthropic

Semiconductors

FLASH

FLASH: ADVANCED MICRO DEVICES, INC. (AMD) July 22, 2026

AMD: Announces Strategic Partnership with Anthropic Rating:

OutperformAhead of its Advancing AI day tomorrow, AMD and Anthropic announced a strategic Price:

partnership [link] to deploy up to 2GW of AMD MI450 series GPUs in Helios rack- $544.43

scale solutions, with deployment of the first GW set to begin in 1H27. Price Target:

$650

As we have previously noted, each GW of GPU shipments drives $15-$20bn AMD % Upside:

server GPU revenue and $3-$4 EPS, suggesting an incremental $30-$40bn in 19.4%

Anthropic revenue in CY27-CY28, which supports our $25+ bull case EPS that we Source: FactSet, Wolfe Research

laid out in our 2Q earnings preview [link]. Priced as of 07/21/26

We have yet to get more detail on the scale of the MSFT Helios deployment

announced earlier this week [link] - we expect more details at AMD's Advancing AI

Day tomorrow. All-in-all, the company appears well on its way to meet and/or exceed

our bull case EPS of $25+. The stock's reaction this morning suggests investors are

however not completely surprised by the announcement, with the stock up 150% Chris Caso

since our October upgrade. Nonetheless, the combination of the recent MSFT and ccaso@wolferesearch.com

(646) 582-9360

Anthropic announcements, along with prior META and Open AI announcements View Chris’s Research

provide legitimacy for AMD's accelerator business. View AMD Model

View Comp Table

Details. Anthropic will deploy Helios rack solutions that feature AMD's MI455X

GPUs, Venice CPUs, Pensando networking and ROCm software. This announcement Liz Pate lpate@wolferesearch.com

builds on Anthropic's existing use of AMD's MI355 GPUs. AMD has also committed (646) 582-9362