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AMD's Recent Surge Still Matters: Putting These ETFs in Focus
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Key Takeaways
AMD's data-center sales surged 107% y/y, making AI infrastructure a key growth driver.
Helios, EPYC and strong 2027 AI demand could expand AMD's growth opportunities.
SOXX, GAMR and IGPT offer ETF exposure to AMD's AI and semiconductor growth.
Advanced Micro Devices (AMD - Free Report) has emerged as one of the strongest performers in the semiconductor space, with shares rising around 12% over the past week (as of Sept. 13). The rally reflects growing investor confidence in AMD’s data center and artificial intelligence (AI) opportunity.
However, with the stock trading at a rich valuation, and facing intense competition and supply constraints, the risk-reward profile appears more balanced for investors seeking AI and semiconductor exposure.
Data Center Growth Acts as a Key Driver
Advanced Micro Devices’ data center business has become the company’s primary growth engine. The segment accounted for about 58% of second-quarter 2026 revenues, with sales surging 107% year over year to $6.7 billion. Strong demand for EPYC server CPUs and the continued ramp of Instinct GPUs drove the company’s performance.
AMD's expanding AI business provides another source of earnings growth for funds with semiconductor exposure.
Helios Could Transform Advanced Micro Devices’ AI Position
The next major aspect is AMD’s Helios AI platform, which combines MI450-series GPUs, EPYC CPUs, Pensando networking and ROCm software.
Advanced Micro Devices expects initial production shipments in the third quarter of 2026, followed by a significant ramp in the fourth quarter and another increase in the first quarter of 2027. Importantly, management says that demand for 2027 has already moved above its initial expectations.
Strategic relationships with OpenAI, Meta and Anthropic also provide greater visibility into future AI deployments. AMD plans to introduce a rack-scale AI platform each year, with the MI500 generation expected to follow Helios. This creates the possibility of AMD participating in multiple generations of AI infrastructure rather than benefiting from a one-time product cycle.
EPYC Further Contributes to Growth Engine
Advanced Micro Devices' opportunity extends beyond AI accelerators. EPYC server CPUs continue to gain traction among hyperscalers and enterprises, while the upcoming sixth-generation EPYC Venice platform could strengthen AMD's position in the server market.
Management says that customer demand for Venice is stronger than for any previous EPYC generation. This combination of CPUs, GPUs, networking and software gives AMD exposure to several layers of the AI infrastructure buildout.
Zacks Consensus Estimate on Advanced Micro Devices
AMD’s earnings outlook also remains strong. The Zacks Consensus Estimate for earnings in September-quarter 2026 stands at $1.90 per share, implying 58% year-over-year growth. The consensus estimate for yearly earnings is pegged at $7.48 per share, suggesting 80% growth from the 2025 actual.
However, estimates have been unchanged over the past 30 days. This is an important consideration because AMD’s recent share-price appreciation has been driven partly by expectations of future growth rather than fresh upward revisions to consensus earnings.
AMD-Heavy ETFs in Focus
Advanced Micro Devices' performance is particularly relevant to investors who prefer ETF exposure rather than owning individual semiconductor stocks.
iShares Semiconductor ETF (SOXX - Free Report) is a semiconductor-focused ETF that provides exposure to companies across the semiconductor value chain, including chipmakers and semiconductor-equipment manufacturers.
AMD holds 8.74% of assets, occupying the third position. A stronger memory cycle could therefore benefit SOXX while spreading the risks across other semiconductor companies.
SOXX has assets under management worth $45.43 billion and an expense ratio of 0.33%. The fund trades at an average daily volume of 9.37 million shares. The fund has risen 58.72% so far this year. SOXX presently sports a Zacks ETF Rank #1 (Strong Buy).
Amplify Video Game Leaders ETF (GAMR - Free Report) invests in companies across the global video gaming ecosystem that includes companies involved in game development, GPUs, gaming platforms, mobile games, hardware and metaverse-related technologies.
AMD holds a weightage of 10.11% in this fund. The fund has grown 8.01% so far this year. GAMR has an expense ratio of 0.59% and trades at an average daily volume of 1,042 shares. The fund has assets under management worth $40.2 million.
Invesco AI and Next Gen Software ETF (IGPT - Free Report) is designed to give investors exposure to companies benefiting from artificial intelligence, next-generation software, semiconductors, robotics, automation and related technologies.
AMD holds a weightage of 8.41% in this fund, occupying the third position. The fund grew nearly 52.43% so far this year. IGPT has an expense ratio of 0.57% and trades at an average daily volume of around 190,000 shares. The fund has assets under management worth $1.29 billion. IGPT presently sports a Zacks ETF Rank #1.
View the Zacks #1 Rank List
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AMD's Recent Surge Still Matters: Putting These ETFs in Focus
Key Takeaways
Advanced Micro Devices (AMD - Free Report) has emerged as one of the strongest performers in the semiconductor space, with shares rising around 12% over the past week (as of Sept. 13). The rally reflects growing investor confidence in AMD’s data center and artificial intelligence (AI) opportunity.
However, with the stock trading at a rich valuation, and facing intense competition and supply constraints, the risk-reward profile appears more balanced for investors seeking AI and semiconductor exposure.
Data Center Growth Acts as a Key Driver
Advanced Micro Devices’ data center business has become the company’s primary growth engine. The segment accounted for about 58% of second-quarter 2026 revenues, with sales surging 107% year over year to $6.7 billion. Strong demand for EPYC server CPUs and the continued ramp of Instinct GPUs drove the company’s performance.
AMD's expanding AI business provides another source of earnings growth for funds with semiconductor exposure.
Helios Could Transform Advanced Micro Devices’ AI Position
The next major aspect is AMD’s Helios AI platform, which combines MI450-series GPUs, EPYC CPUs, Pensando networking and ROCm software.
Advanced Micro Devices expects initial production shipments in the third quarter of 2026, followed by a significant ramp in the fourth quarter and another increase in the first quarter of 2027. Importantly, management says that demand for 2027 has already moved above its initial expectations.
Strategic relationships with OpenAI, Meta and Anthropic also provide greater visibility into future AI deployments. AMD plans to introduce a rack-scale AI platform each year, with the MI500 generation expected to follow Helios. This creates the possibility of AMD participating in multiple generations of AI infrastructure rather than benefiting from a one-time product cycle.
EPYC Further Contributes to Growth Engine
Advanced Micro Devices' opportunity extends beyond AI accelerators. EPYC server CPUs continue to gain traction among hyperscalers and enterprises, while the upcoming sixth-generation EPYC Venice platform could strengthen AMD's position in the server market.
Management says that customer demand for Venice is stronger than for any previous EPYC generation. This combination of CPUs, GPUs, networking and software gives AMD exposure to several layers of the AI infrastructure buildout.
Zacks Consensus Estimate on Advanced Micro Devices
AMD’s earnings outlook also remains strong. The Zacks Consensus Estimate for earnings in September-quarter 2026 stands at $1.90 per share, implying 58% year-over-year growth. The consensus estimate for yearly earnings is pegged at $7.48 per share, suggesting 80% growth from the 2025 actual.
However, estimates have been unchanged over the past 30 days. This is an important consideration because AMD’s recent share-price appreciation has been driven partly by expectations of future growth rather than fresh upward revisions to consensus earnings.
AMD-Heavy ETFs in Focus
Advanced Micro Devices' performance is particularly relevant to investors who prefer ETF exposure rather than owning individual semiconductor stocks.
iShares Semiconductor ETF (SOXX - Free Report) is a semiconductor-focused ETF that provides exposure to companies across the semiconductor value chain, including chipmakers and semiconductor-equipment manufacturers.
AMD holds 8.74% of assets, occupying the third position. A stronger memory cycle could therefore benefit SOXX while spreading the risks across other semiconductor companies.
SOXX has assets under management worth $45.43 billion and an expense ratio of 0.33%. The fund trades at an average daily volume of 9.37 million shares. The fund has risen 58.72% so far this year. SOXX presently sports a Zacks ETF Rank #1 (Strong Buy).
Amplify Video Game Leaders ETF (GAMR - Free Report) invests in companies across the global video gaming ecosystem that includes companies involved in game development, GPUs, gaming platforms, mobile games, hardware and metaverse-related technologies.
AMD holds a weightage of 10.11% in this fund. The fund has grown 8.01% so far this year. GAMR has an expense ratio of 0.59% and trades at an average daily volume of 1,042 shares. The fund has assets under management worth $40.2 million.
Invesco AI and Next Gen Software ETF (IGPT - Free Report) is designed to give investors exposure to companies benefiting from artificial intelligence, next-generation software, semiconductors, robotics, automation and related technologies.
AMD holds a weightage of 8.41% in this fund, occupying the third position. The fund grew nearly 52.43% so far this year. IGPT has an expense ratio of 0.57% and trades at an average daily volume of around 190,000 shares. The fund has assets under management worth $1.29 billion. IGPT presently sports a Zacks ETF Rank #1.