AMD's Q1 2026 data center revenue surged 57% year-over-year, reaching $5.8 billion, as the company prepares to ship its MI450 chip later this year.

AMD generated $10.3 billion in total revenue during Q1 2026 (ended March 28), up 38% from the year-ago period. Data center revenue specifically contributed $5.8 billion, up 57% year-over-year, accelerating from 39% growth in Q4 2025.

AMD will start shipping its MI450 series chips—customizable AI accelerators—at the end of 2026, available as part of Helios, a fully integrated data center rack that includes specialized software and networking hardware. AMD says the MI450 series will deliver 36 times more performance than its previous generation of GPUs. The company has already signed deals with Meta Platforms and OpenAI, each deploying 6 gigawatts of computing capacity over the next few years starting with the MI450.

AMD's adjusted earnings jumped 43% year-over-year in Q1 2026 to $1.37 per share. The company's stock trades at a P/E ratio of 92 based on adjusted trailing-12-month earnings of $4.58 per share, compared with Nvidia's P/E ratio of 43.5. Wall Street expects AMD's earnings to reach $11.22 per share in 2027, which would place its stock at a forward P/E ratio of 37.5.