AMD has announced financial results for the second quarter of 2024. Almost half of the company's sales are now made up of data center products. This is reported by The Verge.
The company's revenue reached $5.84 billion compared to $5.34 for the same period in 2023. Net profit for the year increased by 19% from $948 million to $1.1 billion.
The company's data center business doubled in size over the year. This quarter, the growth was mainly due to one chip: AMD Instinct MI300, which competes with NVIDIA's H100 chip. According to AMD CEO Lisa Su, sales of this chip exceeded $1 billion in the current quarter alone.
It seems that AMD is following the same path as NVIDIA, which made phenomenal profits from the H100 chip and even managed to overtake Microsoft to become the most valuable company in the world. That is why AMD will now release new AI chips every year and invest more resources in development in this area.
The company notes that a new AI chip, MI325X, is expected to appear in the fourth quarter of this year, followed by MI350 in 2025, and MI400 in 2026. AMD believes that the MI350 will be competitive with NVIDIA's Blackwell, which was presented as "the world's most powerful AI chip".