Lisa Su brushes off Musk's Nvidia commitment as AMD stock sinks after earnings
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- Lisa Su brushed off Elon Musk's claim that SpaceX was committing exclusively to Nvidia AI chips, telling CNBC: "we look forward to continuing to partner over the longer term"
- AMD stock sank 7% on Wednesday despite the chipmaker posting Q2 revenue of $11.54 billion (up 50% year-over-year) and beating analyst expectations of $11.28 billion
- AMD's data center segment revenue surged 107% annually to $6.7 billion, driven by CPU and GPU sales; Su told analysts server revenue should grow 80% year-over-year in H2 2026 and over 70% in 2027
- Nvidia shares climbed about 3% on Wednesday after Musk praised Nvidia's architecture on the Tesla earnings call and reaffirmed a close SpaceX partnership
- AMD raised its long-term semiconductor industry forecast to $2 trillion annually by 2028, with $1.4 trillion from AI accelerators — up from a prior estimate of $500 billion
- Morningstar's Michael Field attributed the selloff to "market expectations being too high," noting AMD's P/E multiple has reached 170 after tripling in 12 months, and called the dip a "potential buying opportunity"
Why it matters: AMD beat both revenue and its own data-center growth guidance, yet investors punished the stock — showing the market priced in even more upside from a chipmaker now trading at a 170 P/E after a 132% year-on-year rally. Musk's Nvidia endorsement matters because it signals how hyperscale AI buyers concentrate orders, and Su's public response suggests AMD is fighting to keep SpaceX as a multi-vendor customer rather than losing the account entirely.
