Advanced Micro Devices (AMD) — Q2 2026 Earnings Preview

1. Earnings Preview

Key Takeaway: The setup favors a beat — AMD guided Q2 revenue to $11.2B (±$300M) and non-GAAP gross margin to ~56%, both above prior consensus, and the primary swing factor is whether Data Center AI GPU revenue (guided double-digit sequential growth) can clear the now-elevated bar set by the strong Q1 print and Advancing AI 2026 announcements.

AMD heads into Q2 2026 earnings with one of the most constructive setups in recent memory: management guided revenue to $11.2B at the midpoint — a 46% YoY increase — and consensus has since drifted slightly above that level to ~$11.35B, implying the street is already pricing in a modest beat. Data Center is the fulcrum, with both server CPU (guided >70% YoY) and Data Center AI GPU (guided double-digit sequential) expected to drive the quarter; the Advancing AI 2026 keynote on July 23 confirmed Helios is in full production with first shipments on track for end of Q3, and customer demand was described as "extremely strong," reinforcing confidence in the H2 ramp. Estimate revisions have moved modestly higher since the Q1 print — Q2 EPS consensus has risen from ~$1.60 to ~$1.61 — suggesting the street is tracking guidance rather than running ahead of it, which leaves room for upside if Data Center AI GPU revenue surprises. The stock has surged ~36% since the Q1 earnings date (vs. SOXX +5%, SPY +5%), with the multiple expanding to ~38x forward earnings, meaning the bar for a positive reaction is high and execution on Helios shipment timing and gross margin trajectory (guided 56%, up 100bps QoQ) will be scrutinized closely. The key wildcard is gross margin: the MI450/Helios ramp in H2 carries below-corporate-average margins, and any pull-forward of that dilution into Q2 — or any softness in the Client/Gaming mix — could pressure the 56% guide and weigh on the stock despite a revenue beat.

2. KPIs & Consensus Expectations

Key Takeaway: Consensus is a moderately high bar — the street has moved above AMD’s own guidance midpoint on revenue ($11.35B vs. $11.2B guide) and is tracking guidance on gross margin (56%). Data Center revenue is the bigger swing factor: consensus at ~$6.64B implies ~15% sequential growth, and any upside there (driven by AI GPU) would likely drive a positive stock reaction even if Client/Gaming disappoint.

Table 1 — Q2 2026 Current Quarter Snapshot (All Key KPIs)

Sources: Visible Alpha Consensus and Actuals Data; Q1 2026 Earnings Call (May 5, 2026). Q2 2025 actuals and Q1 2026 actuals from Visible Alpha. Q2 2026 consensus as of August 3, 2026. Non-GAAP Gross Margin Q2 2026 consensus derived from guidance and Visible Alpha operating gross profit consensus. Note: Q2 2025 Non-GAAP Gross Margin computed from Visible Alpha operating gross profit / net revenue actuals.

Table 2 — Beat/Miss History: Last 8 Quarters (Top 2 KPIs: Total Revenue & Non-GAAP EPS)

Pattern: AMD has beaten revenue consensus in all 8 of the last 8 quarters, with beat magnitude accelerating from ~1-2% in 2024 to 4-6% in 2025 and 3-7% in early 2026 — a consistent pattern of conservative guidance that sets up for upside surprises. EPS beats have similarly been consistent, with the largest beats occurring in Q4 2025 (+13%) and Q1 2026 (+7%) as operating leverage kicked in.

Source: Visible Alpha Consensus and Actuals Data.

3. Guidance & Commentary Evolution

Key Takeaway: Guidance has not been formally revised since the Q1 2026 earnings call, but the Advancing AI 2026 keynote (July 23) materially escalated management’s confidence on the Data Center AI trajectory — Helios is in full production, customer demand is "extremely strong," and the server CPU TAM was raised again to >$220B by 2030. Tone has shifted from confident to highly confident, with no negative revisions to any metric.

Sources: AMD Q1 2026 Earnings Call (May 5, 2026); AMD Advancing AI 2026 Keynote (July 23, 2026); Visible Alpha Consensus and Actuals Data.

4. Guidance vs. Estimate Revision Tracker

Key Takeaway: Estimates have moved modestly higher since the Q1 2026 print across all key metrics, tracking guidance rather than diverging from it. The gap between current consensus and guidance midpoint is narrow (+1.3% on revenue, in-line on gross margin), suggesting the street is not running ahead of management — a setup that leaves room for upside if Data Center AI GPU revenue surprises. FY2026 and FY2027 estimates have also moved higher, reflecting growing confidence in the AI infrastructure ramp.

The most notable revision trend is in FY2027 estimates, which have moved up +6-9% since the Q1 print — driven by the Advancing AI 2026 keynote’s confirmation of the Helios ramp, the Anthropic partnership (up to 2GW of MI455X deployments), and the dramatically expanded server CPU TAM ($220B+ by 2030). Near-term Q2 estimates are tracking guidance closely, suggesting the street is not over-positioned for upside.

Source: Visible Alpha Consensus and Actuals Data. Baseline as of May 12, 2026 (5 trading days post Q1 earnings). Current as of August 3, 2026.

5. Stock Performance

Key Takeaway: AMD has dramatically outperformed since Q1 earnings — up ~36% vs. SOXX +5% and SPY +5% — driven almost entirely by multiple expansion and sentiment re-rating on the back of the Advancing AI 2026 keynote (July 23) and the Anthropic partnership announcement, with the stock peaking near $581 on June 30 before pulling back ~17% into earnings as investors took profits ahead of the print.

AMD vs. SOXX (iShares Semiconductor ETF) vs. S&P 500 (SPY) — Indexed to 100 at Q1 2026 Earnings Date (May 5, 2026). Source: Yahoo Finance.

Performance Summary (May 5 – August 4, 2026):

• AMD: +36.4% (from $355.26 to $484.64) — dramatically outperforming peers and the market
• SOXX (Semiconductor ETF): +5.2% — modest sector tailwind from AI infrastructure spending
• S&P 500 (SPY): +4.7% — broad market broadly flat over the period

Key Drivers:

• May 5–26: Initial post-earnings surge of ~19% in the first two trading days on the strong Q2 guide, followed by consolidation as the $5B credit line announcement (May 15) was digested
• May 26 – June 30: AMD surged from ~$504 to $581 (+15%) as NVDA’s GTC Taipei keynote (June 2) and strong hyperscaler CapEx commentary from MSFT, GOOGL, META, and AMZN reinforced the AI infrastructure demand narrative
• July 1–22: Stock pulled back from $581 to ~$540 (-7%) ahead of the Advancing AI 2026 event, with some profit-taking and an executive compensation 8-K (July 1) drawing attention
• July 23 (Advancing AI 2026): Keynote confirmed Helios in full production, Anthropic 2GW partnership, Venice in volume production, and raised server CPU TAM to >$220B — stock initially rallied but then sold off sharply from ~$558 to ~$430 (-23%) over the following week as investors rotated out of the high-multiple name ahead of earnings
• July 28–Aug 4: Stock stabilized and recovered to ~$485, suggesting the sell-off was technical/positioning-driven rather than fundamental

At ~$485, AMD trades at approximately 38x FY2026E non-GAAP EPS ($7.51) and ~35x FY2027E ($13.66), a premium to the semiconductor sector but a discount to NVIDIA on a relative growth basis. The stock has priced in significant execution on the Helios ramp and AI GPU trajectory — leaving limited margin for error on Q2 results.

Source: Yahoo Finance (Stock Price Data).

6. Material News & Developments (Since May 5, 2026)

Key Takeaway: The most important development since Q1 earnings is the Advancing AI 2026 keynote (July 23) — AMD officially launched Helios (in full production), EPYC Venice (in volume production on TSMC 2nm), and announced the Anthropic equity partnership (up to $5B, 2GW MI455X deployment), bringing total disclosed gigawatt-scale customers to five with ~20GW aggregate pipeline. This materially de-risks the H2 2026 ramp narrative heading into Q2 earnings.

• July 23, 2026 — Advancing AI 2026 Keynote (AMD Investor Day): AMD officially launched Helios (industry’s highest-performance AI rack, 72x MI455X GPUs + 18x EPYC Venice CPUs), confirmed full production with shipments on track for end of Q3 and significant ramp in Q4. EPYC Venice (Zen 6, TSMC 2nm, up to 512 threads/socket) launched in volume production with "strongest demand ever seen for a new EPYC generation." Anthropic announced as newest Instinct partner with up to 2GW Helios deployment commitment and AMD equity investment of up to $5B. Total disclosed pipeline now ~20GW across Anthropic, OpenAI, Meta, Microsoft Azure, Oracle, and Cerebras. Server CPU TAM raised again to >$220B by 2030 at ~50% CAGR. Overall company TAM revised to ~$2T by 2030. Long-term EPS target of >$20 reaffirmed. ROCm.ai introduced as AI-assisted GPU programming platform.
• July 8, 2026 — Q2 2026 Earnings Date Announcement: AMD confirmed it will report Q2 2026 financial results, providing the formal earnings date.
• July 1, 2026 — Executive Compensation 8-K: AMD filed an 8-K disclosing boosted executive pay and multi-million dollar performance-based equity grants, signaling management confidence in the long-term trajectory.
• May 15, 2026 — $5 Billion Credit Line & Expanded Commercial Paper Program: AMD bolstered financial flexibility with a new $5B revolving credit facility and expanded commercial paper program, providing additional balance sheet capacity to fund the AI infrastructure buildout and strategic partnerships (including the Anthropic equity investment).
• May 5, 2026 — Q1 2026 Earnings Beat & Strong Q2 Guide: AMD reported Q1 revenue of $10.25B (above high end of guidance and well above consensus of ~$9.9B), non-GAAP EPS of $1.37 (vs. consensus $1.28), and Data Center revenue of $5.78B. Q2 guidance of $11.2B (±$300M) came in well above consensus of ~$10.5B. Stock surged ~19% in after-hours trading.
• Ongoing — Hyperscaler CapEx Acceleration (Peer Read-Through): Microsoft guided Q1 FY27 CapEx to >$50B and confirmed AMD Helios as one of two next-gen rack-scale platforms it will deploy first. Google raised FY2026 CapEx guidance to $195-205B (from $180-190B) and confirmed supply-constrained environment. Amazon raised 2026 CapEx to ~$220B (from ~$200B) driven by AI demand. Meta guided FY2026 CapEx to $130-145B. All four hyperscalers described demand exceeding available supply — a strong read-through for AMD’s Data Center AI GPU and server CPU businesses.
• Ongoing — NVIDIA Competitive Landscape: NVIDIA reported Q1 FY27 (calendar Q1 2026) revenue of $82B (+85% YoY) with Data Center at $75B, guided Q2 FY27 to $91B, and confirmed Vera Rubin in full production for Q3. NVIDIA also announced Vera CPU targeting a $200B TAM — a direct competitive threat to AMD’s EPYC franchise. However, NVIDIA’s commentary on insatiable AI demand and supply constraints is broadly positive for AMD.
• Ongoing — Intel Competitive Dynamics: Intel reported Q2 2026 revenue of $16.1B (+59% YoY in Data Center), with Xeon 6 described as one of the fastest-ramping products in Intel history. Intel acknowledged being "behind" AMD in some CPU architecture areas but stated it is "catching up very fast." Intel’s strong server CPU demand commentary validates AMD’s expanded TAM thesis.
• Ongoing — TSMC Supply Confirmation: TSMC raised its FY2026 CapEx budget to $60-64B and confirmed 2nm technology ramp (used by AMD’s Venice CPU and MI455X GPU). TSMC described AI demand as "stronger and stronger" with a "very big gap" between demand and supply through 2029-2030, validating AMD’s supply chain positioning.

7. Peer Commentaries — Read-Through for AMD Q2 2026

Key Takeaway: Peer commentary from the last 60 days is overwhelmingly positive for AMD’s Q2 2026 setup — every major hyperscaler described AI compute demand exceeding available supply, CapEx budgets were raised, and multiple peers explicitly named AMD Helios as a next-gen platform they are deploying. The read-through from MSFT, GOOGL, AMZN, and META is the strongest positive signal for AMD’s Data Center AI GPU and server CPU businesses heading into the print.

Note: Only commentary relevant to AMD’s current reporting quarter (Q2 2026, ending June 30, 2026) and the forward outlook is included below. Peer commentary about peers’ own prior-quarter results has been excluded.

Microsoft (MSFT) — Q4 FY2026 Earnings Call (July 29, 2026)

Relevance: MSFT is one of AMD’s largest hyperscaler customers and explicitly named AMD Helios as a next-gen platform it will deploy.

• AMD Helios explicitly named: "We will be among the first cloud providers to deploy next generation rack scale AI infrastructure based on AMD Helios and Nvidia Vera Rubin." This is a direct, named customer commitment to Helios deployment — the strongest possible read-through for AMD’s H2 2026 ramp.
• AI demand exceeding supply: "Customer demand continues to exceed available capacity" — described as a "relatively extreme moment" where demand exceeds available supply. Azure revenue grew 43% YoY in Q2 2026, ahead of expectations, driven by GPU/CPU fleet efficiency gains and earlier delivery of new capacity.
• CapEx acceleration: Q2 2026 CapEx was $41B (including higher component pricing impact). Q1 FY27 (Q3 2026) CapEx guided to >$50B. FY27 CapEx expected to grow YoY. Roughly two-thirds of CapEx was for short-lived assets (primarily CPUs and GPUs).
• CPU demand signal: "When it comes to running agents, CPUs are just as important as GPUs." Cobalt VMs (ARM CPUs) powering both first-party and customer workloads — validates AMD’s thesis that agentic AI is driving CPU demand alongside GPU demand.
• Q3 2026 Azure outlook: Azure revenue growth guided to ~45% in constant currency for Q3 2026, with continued focus on bridging supply gaps as demand exceeds supply. This implies continued strong GPU and CPU procurement.

Alphabet / Google (GOOGL) — Q2 2026 Earnings Call (July 22, 2026)

Relevance: Google is a major AMD customer for both CPUs and GPUs, and its CapEx trajectory is a direct read-through for AMD’s Data Center segment.

• CapEx raised significantly: Full-year 2026 CapEx guidance raised to $195-205B (from $180-190B), "primarily due to an acceleration in the delivery of capacity to meet growing demand." CapEx expected to "increase significantly in 2027." Q2 2026 CapEx was $44.9B, with ~60% in servers (CPUs and GPUs) and ~40% in data centers.
• Supply-constrained environment: "We continue to be supply constrained, a sign of momentum and rapid adoption." Google plans to "expand the use of third party capacity in Q3 as a bridging strategy" — a direct read-through for AMD GPU and CPU demand in Q3 2026.
• Cloud revenue acceleration: Google Cloud revenue grew 82% YoY in Q2 2026 to $24.8B, powered by strong demand for AI infrastructure and AI solutions. Cloud backlog grew to $514B (+$50B sequentially).
• AMD/alternative accelerator context: Google offers "the industry’s broadest range of accelerators from Google and Nvidia" and a new "agent-optimized Axion CPU" providing 30% better performance per dollar vs. peer offerings. While AMD is not named explicitly, Google’s reference to "third party capacity" expansion in Q3 and its broad accelerator strategy are positive for AMD.
• Token demand explosion: Model APIs processing ~22B tokens/minute (up from 16B a quarter ago); nearly 500 cloud customers each processed >1 trillion tokens in the last year. This scale of inference demand is a strong read-through for AMD’s GPU and CPU businesses.

Amazon / AWS (AMZN) — Q2 2026 Earnings Call (July 30, 2026)

Relevance: AWS is a major AMD customer for EPYC CPUs and Instinct GPUs. Amazon’s CapEx trajectory and demand commentary are direct read-throughs for AMD’s Data Center segment.

• CapEx raised to $220B: Amazon raised 2026 CapEx to ~$220B (from ~$200B), with the increase driven by higher memory costs. "Even at that amount, we will still not have enough capacity to meet all the demand we have in 2026." Demand for 2028 already described as "striking."
• Demand exceeds supply through 2027: "I believe this dynamic will also be true in 2027, too." AWS is on pace to double capacity and power capacity by end of 2027 vs. 2025. This multi-year demand visibility is a strong read-through for AMD’s AI GPU and server CPU businesses.
• AI revenue run rate >$25B: AWS AI revenue run rate climbed significantly QoQ and is now >$25B, growing at triple-digit percentages YoY. AWS revenue was $42.2B in Q2 2026 (+36.7% YoY). Backlog stands at $496B, growing triple digits YoY.
• CPU demand from agentic AI: "Post-training reinforcement learning and agent tool use is mostly done on CPUs versus AI accelerators." AWS sees a "strong linkage between AI spend and core growth" — directly validates AMD’s thesis that agentic AI is driving CPU demand alongside GPU demand.
• Memory cost inflation: Amazon explicitly cited higher memory costs as the driver of the CapEx increase. This is a potential headwind for AMD’s Client and Gaming segments (as flagged in Q1 guidance), but AMD’s Data Center products are largely insulated as OEM/ODM/hyperscaler partners acquire memory directly.

Meta Platforms (META) — Q2 2026 Earnings Call (July 29, 2026)

Relevance: Meta is one of AMD’s largest strategic partners (up to 6GW GPU commitment, lead partner on Venice CPU). Meta’s CapEx trajectory and AI infrastructure commentary are direct read-throughs for AMD.

• CapEx guided $130-145B for FY2026: Meta narrowed its FY2026 CapEx range to $130-145B (from $125-145B), with plans "geared towards maximizing 2026 and 2027 capacity." Meta expects to be "demand constrained" in the foreseeable future with "numerous ROI-positive opportunities for compute if it were available."
• Compute demand far exceeds supply: "There is nowhere near enough compute for all the demand." Meta has received "a large number of offers for the compute that we have at a meaningful premium over what we paid." This validates AMD’s pricing power and demand visibility.
• Custom silicon and AMD partnership context: Meta is investing in its "internal custom silicon effort" for long-term strategic flexibility, but its near-term capacity build is focused on 2026-2027 — the period of AMD’s Helios ramp. Meta’s co-design work with AMD on Venice and MI450 power/cooling is ongoing.
• Industry capacity tight for foreseeable future: "Overall industry capacity is going to remain tight for the foreseeable future." Meta believes near-term capacity is more valuable than long-term capacity — a strong signal for AMD’s ability to command premium pricing on Helios deployments.

NVIDIA (NVDA) — Q1 FY2027 Earnings Call (May 20, 2026) & BofA Conference (June 4, 2026)

Relevance: NVIDIA’s commentary on AI GPU demand, supply constraints, and the competitive landscape is the most important industry read-through for AMD’s Data Center AI GPU business.

• AI demand "parabolic": NVIDIA reported Q1 FY27 revenue of $82B (+85% YoY), Data Center at $75B (+92% YoY). Guided Q2 FY27 to $91B. "Demand has gone parabolic" driven by agentic AI. Hyperscaler CapEx forecast to exceed $1 trillion in 2027. AI infrastructure spending on track to reach $3-4 trillion annually by end of decade.
• Supply constrained throughout Vera Rubin life: "My sense is that we’ll be supply constrained throughout the entire life of Vera Rubin." NVIDIA increased total supply commitments to $145B in Q1. This supply constraint at NVIDIA is a direct positive read-through for AMD — customers seeking alternative supply are turning to AMD Helios.
• Agentic AI driving CPU demand: "All of the thinking happens on GPUs, all of the orchestration essentially runs on CPUs. Agentic AI and reinforcement learning represents new growth opportunities for CPUs." NVIDIA’s Vera CPU targets a $200B TAM — validating AMD’s expanded server CPU TAM thesis, though also representing a new competitive threat.
• BofA Conference (June 4): NVIDIA described AI GPU demand as "vertical" growth with a "shortage of supply of compute." Hyperscaler revenue was up ~115% YoY. Vera Rubin confirmed in full production, ready for Q3. This commentary, delivered during AMD’s Q2 2026 quarter, validates the demand environment AMD was operating in.
• China revenue excluded from Q2 guide: NVIDIA excluded China data center compute revenue from its Q2 FY27 outlook due to import allowance uncertainty. AMD’s MI308 China exposure is similarly limited — this is a neutral read-through for AMD.

Intel (INTC) — Q2 2026 Earnings Call (July 23, 2026)

Relevance: Intel is AMD’s primary competitor in server CPUs. Intel’s commentary on server CPU demand and market share dynamics is a direct read-through for AMD’s EPYC business.

• Server CPU demand at record levels: Intel reported Q2 2026 Data Center and AI revenue of $6.3B (+59% YoY, +24% QoQ), with Q2 YoY server growth described as "the strongest on record." Intel guided for "strong double-digit unit growth for the industry this year and next, with momentum extending into 2028." This validates AMD’s server CPU TAM expansion thesis.
• Supply far exceeds demand: "Server CPU demand continues to far outpace available supply." Intel’s supply is "very tight" with near-term linearity "more skewed towards the end of Q3 and into Q4, especially for servers." This supply constraint at Intel is a positive read-through for AMD — customers unable to get Intel supply are turning to AMD EPYC.
• AMD acknowledged as competitor: An analyst asked Intel about AMD’s raised server CPU TAM of $220B by 2030. Intel’s CFO acknowledged it is a "strong market that will grow significantly" and Intel believes it has a "strong position" but acknowledged being "behind" AMD in some areas and "catching up very fast." This is an implicit validation of AMD’s competitive position.
• CPU-to-GPU ratio approaching parity: Intel stated the ratio of CPU to GPU in the market is "approaching parity and could eventually skew more towards CPUs on a unit basis" — directly corroborating AMD’s agentic AI CPU TAM expansion thesis.
• PC market headwinds: Intel guided PC consumption to be "subseasonal in H2 2026 and down low double digits for all of 2026, impacted by rising memory prices." This is consistent with AMD’s own Q1 guidance flagging H2 Client and Gaming headwinds from memory cost inflation.

TSMC (TSM) — Q2 2026 Earnings Call (July 16, 2026)

Relevance: TSMC is AMD’s primary foundry partner for both EPYC Venice (2nm) and MI455X GPUs. TSMC’s demand commentary and capacity plans are direct read-throughs for AMD’s supply chain.

• AI demand "stronger and stronger": TSMC described a "very big gap" between demand and supply for leading-edge technologies, with demand "stronger and stronger and stronger" than previously indicated. TSMC raised its FY2026 CapEx budget to $60-64B (from prior guidance) and announced an additional $100B investment in Arizona.
• 2nm ramp on track: TSMC expects a "steep ramp-up" of 2nm technology in H2 2026, with gross margin dilution of 3-4 percentage points from the ramp. AMD’s Venice CPU and MI455X GPU are both on TSMC 2nm — this confirms the supply chain is executing on AMD’s H2 ramp plan.
• Agentic AI driving CPU demand: "The emergence of Agentic AI is leading to a resurgence in the role of CPUs in AI data centers, which is driving more silicon demand in addition to AI accelerators." TSMC views this as positive, noting that nearly all CPU approaches (x86, ARM, RISC-V) are served by TSMC customers — a direct validation of AMD’s Venice CPU opportunity.
• Demand strong through 2029-2030: TSMC believes demand will be "very strong" from now until approximately 2029-2030, characterizing AI as a "new, robust industry" impacting automotive, humanoid robotics, and all other industries. This multi-year demand visibility supports AMD’s long-term financial targets.

Oracle (ORCL) — Q4 FY2026 Earnings Call (June 10, 2026)

Relevance: Oracle is one of AMD’s disclosed gigawatt-scale Helios customers. Oracle’s AI infrastructure commentary and GPU utilization data are direct read-throughs for AMD’s Data Center AI GPU business.

• Massively higher demand than supply: Oracle signed "$67B in AI infrastructure contracts this quarter," bringing total prepaid/BYOH contracts to $75B. Oracle stated there is "massively higher demand than there is supply" in the AI infrastructure market. GPU utilization rate was 97.5% in Q4 FY26.
• Delivery acceleration: Oracle’s Q1 FY27 delivery (June-August 2026, within AMD’s Q2/Q3 2026) is "approaching one gigawatt, nearly the same capacity as we’ve delivered in the previous four quarters combined." This acceleration in Oracle’s data center delivery is a positive read-through for AMD Helios deployments at Oracle.
• Memory cost inflation: Oracle acknowledged "component costs have gone up a lot, especially memory" and employs floating-price contracts to protect margins. This is consistent with AMD’s flagged H2 2026 Client/Gaming headwinds, while Oracle’s data center business (where AMD GPUs are deployed) is largely insulated.
• FY27 CapEx of ~$70B: Oracle guided net CapEx of ~$70B for FY27 (June 2026-May 2027), with revenues and earnings expected to "accelerate in the second half of the year as we bring further megawatts online." This acceleration timeline aligns with AMD’s Helios ramp at Oracle.

Peer Commentary Summary Table

Sources: MSFT Q4 FY2026 Earnings Call (Jul 29, 2026); GOOGL Q2 2026 Earnings Call (Jul 22, 2026); AMZN Q2 2026 Earnings Call (Jul 30, 2026); META Q2 2026 Earnings Call (Jul 29, 2026); NVDA Q1 FY2027 Earnings Call (May 20, 2026); NVDA BofA Global Technology Conference (Jun 4, 2026); INTC Q2 2026 Earnings Call (Jul 23, 2026); TSM Q2 2026 Earnings Call (Jul 16, 2026); ORCL Q4 FY2026 Earnings Call (Jun 10, 2026).

8. Insider Transaction Activity

Key Takeaway: All insider transactions since Q1 earnings are sales, with the majority executed under pre-established 10b5-1 trading plans — including CEO Lisa Su’s two large sales totaling 250,000 shares. The 10b5-1 nature of most transactions limits the informational signal; however, one discretionary sale by Director Nora Denzel (not under a 10b5-1 plan) is worth noting. No open-market buys have been filed since Q1 earnings.

Analysis: The insider transaction picture is broadly neutral. CEO Lisa Su’s two 125,000-share sales (totaling 250,000 shares, ~$110M at prevailing prices) are both under pre-established 10b5-1 plans and are consistent with her historical pattern of regular planned sales — she retains nearly 2.9M shares, representing continued significant alignment with shareholders. CTO Mark Papermaster’s monthly 6,000-share sales are also routine 10b5-1 transactions. The two discretionary sales — CSO Paul Grasby (24,376 shares, 3 days post Q1 earnings) and Director Nora Denzel (1,821 shares) — are worth monitoring but are small in absolute terms and do not constitute a meaningful negative signal. Notably, there are no open-market buys from any insider since Q1 earnings, which is typical for a stock that has surged ~36% since the print.

Source: SEC Form 4 Filings Database (Insider Transaction Data).