AMD reports net income up 95% to $1.38 billion in Q1, driven by AI infrastructure demand; projects Q2 revenue of about $11.2 billion, plus or minus $300 million.

AMD's first-quarter net income reached $1.38 billion, up 95% from $709 million a year ago. Revenue grew 38% to $10.25 billion from $7.4 billion, fueled by demand for AI infrastructure and data center chips.

Chief Executive Lisa Su cited accelerating demand for AI infrastructure, with the data center business as the primary growth driver. The company highlighted growing customer interest in its future MI450 Series accelerators and Helios systems.

AMD projects second quarter revenue of about $11.2 billion, plus or minus $300 million, which would equate to nearly 46% growth at the midpoint. Shares jumped as much as 18.6% in Wednesday trade, ending at $421.39.