AMD data center revenue doubles as gaming falls 31%

AMD's data center revenue more than doubled to $6.7 billion in the second quarter, while gaming fell 31% to $779 million, per the company's earnings release.

Data center now makes up 58% of AMD's total revenue. That's a big enough share that any slowdown in AI infrastructure spending would hit the company's entire top line, not just one division.

Total revenue hit $11.5 billion, up 50% year over year and a company record. Gaming's decline came from lower semi-custom sales, according to the release, which doesn't say which customers pulled back or by how much.

That reliance on data center is now a bet that AI capex keeps flowing, not evidence of a diversified chip business. AMD's release doesn't name which customers are driving the $6.7 billion, so it's unclear how concentrated that bet already is. The number to watch next quarter is whether the 58% share climbs past 60%, or whether gaming's slide levels off.