Amazon quietly exited its AMD stake last quarter, and the timing now looks striking as the chipmaker just delivered one of its strongest reports of the year.
A new 13F filing shows Amazon sold all 822,234 of its AMD shares worth $118 million in Q3, reducing its stake to zero after previously holding roughly 4.8% of its portfolio in the stock.
The move came ahead of an earnings print that pushed AMD further into the center of the AI chip race. AMD reports $9.2 billion in Q3 revenue, topping expectations of $8.8 billion and delivering earnings per share of $1.20 versus $1.17 forecast.
Data center revenue climbed to $4.3 billion, beating estimates of $4.1 billion as cloud and enterprise customers ramped up GPU orders. Gross margin came in strong at 54%, ahead of analyst estimates of 51%, reinforcing AMD’s progress in scaling high-performance compute for AI workloads.
The company also issued bullish guidance for the fourth quarter, calling for $9.6 billion in revenue versus expectations of $9.2 billion.
In the firm’s latest earnings call, AMD CEO Lisa Su says the firm’s AI total addressable market (TAM) may be much larger than earlier projections.
“We see the AI compute TAM just going up. So we’ll have some updated numbers for you, but the view is whereas $500 billion sounded like a lot when we first talked about it, we think there is a larger opportunity for us over the next few years, and that’s pretty exciting.”
Amazon oversees over $2.463 billion in assets. Its largest holding is the electric vehicle maker Rivian (RIVN), owning more than $2.324 billion in stock. Amazon also holds two AI infrastructure plays in Astera Labs (ALAB) and Marvell (MRVL). The firm owns over $54 million in ALAB and nearly $19 million worth of MRVL.
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