AMD stock at $420.99 screens as a research setup as Q1 2026 revenue hits $10.25 billion with Data Center contributing $5.78 billion at 57% growth.

AMD's Q1 2026 report showed revenue of $10.25 billion, up 37.85% year over year, with Data Center revenue of $5.78 billion growing 57% year over year. Free cash flow more than tripled to $2.57 billion, and non-GAAP gross margin expanded 170 basis points to 55%.

Q2 guidance points to roughly $11.2 billion in revenue, up about 46% year over year, with server CPU revenue expected to grow by more than 70% year-over-year. CEO Lisa Su raised the server CPU TAM forecast to greater than 35% annually, reaching over $120 billion by 2030, driven by Agentic AI workloads.

AMD trades at a trailing P/E of 141 and price-to-sales at 18, with 50 analysts covering the stock: 4 Strong Buy, 33 Buy, 13 Hold, and 0 Sell. The stock is up 96.58% year to date, and Wall Street average target is $457.83 versus current price of $420.99.

Key execution risks include a miss on MI450 customer deliveries in H2 2026, a sudden cut in hyperscaler capex, or fresh China export tightening on MI308 GPUs. Sentiment has cooled, with composite score dropping 28.65 points over 30 days to 47.11.