Citi Global TMT Conf. 2025: AMD Exec Discussion on AI Biz Growth, DC GPUs, & Mkt Outlook

Key Takeaways

TL;DR: Fiserv, under new CEO Mike Lyons, outlined robust growth drivers anchored around modernizing FI core systems, expanding its Clover platform, and advancing in embedded finance and stablecoin infrastructure—with a strong client-first and operational excellence focus to sustain recurring rev. growth amid tech shifts in the financial svc sector.

AMD AI & DC Biz: Key Themes & Investment Takeaways

1. AI Segment & Financial Momentum

• Q2’25: $7.7bn rev. (+32% Y/Y); DC $3.2bn (+14% Y/Y)
• Q3’25 guide: $8.7bn rev. (+28% Y/Y); DC up “double-digit seq.”—MI350 ramp main driver
• “All our businesses have been doing really well and the momentum continues.” (Jean Hu)
• “Record EPYC server sales” in Q2 despite China MI308 loss
• Excl. MI308, DC GPU biz to grow Y/Y in Q3

2. AI GPU Roadmap & Customer Traction

• Current: MI350 ramping “significantly in 2H”
• 2025: MI400 launch
• 2027: MI500 launch
• Roadmap: “annual cadence,” sustained innovation
• Customer expansion: Existing hyperscale (MSFT, META, ORCL), plus new (TSLA, X, “neo-cloud,” others)
  • Highlight: Helios rack & MI400 collab w/ Sam Altman
• Activity in both large foundational models & Tier 2/3 “smaller but prod.-scale” training
  • “Traction not just in inference, but… Tier 2/3 …prod.-level training models.”
  • “Train to train” strategy to onboard for larger future deployments

3. Sovereign AI: Incremental Growth