AMD said demand for its next-generation Helios AI accelerator platform has exceeded expectations, but tight supplies of high-bandwidth memory, semiconductor substrates and advanced packaging are creating a key constraint on growth. Helios entered mass production in July and uses AMD’s MI455X accelerator with 432GB of Samsung Electronics’ sixth-generation HBM4, 50% more memory capacity than Nvidia’s Vera Rubin. AMD expects Helios revenue to grow significantly in the fourth quarter and continue expanding into 2027, while demand for the older MI350 accelerator with HBM3E also remains strong. At the Citi 2026 Global TMT Conference, Jean Hu said the AI investment cycle was still in its early stages and that 2027 Helios orders had exceeded the company’s initial expectations. AMD said it was working with partners to secure components. Hu reaffirmed TSMC as AMD’s primary supplier, although Vice President Matt Ramsey said the company would evaluate advanced-wafer and packaging technologies from suppliers across the market. The broader AI chip expansion is increasing demand for larger, multilayer FC-BGA substrates and is prompting hyperscalers including Google, AWS, Meta and Microsoft to develop their own ASICs. Google is expected to expand external TPU sales, while Anthropic has said it would increase Google Cloud TPU usage to as many as 1 million units. The investment boom is also supporting demand for semiconductor equipment: Samsung Electronics plans to use ASML’s High-NA EUV tools for advanced DRAM production from 2028, and TSMC plans to apply them to advanced-process high-volume manufacturing from 2030. ASML has said it plans to expand EUV capacity by about 30% by 2027, while its capacity is nearly fully booked through that year. AMD’s supply outlook adds to an earlier investment case in which Hu outlined a potential $2 trillion addressable market by the end of the decade and projected data-center revenue of about $70 billion in 2027. AMD shares rose as much as 6.7% to $509.84 on Tuesday and reached $524.29 intraday on Wednesday, while CLSA raised its price target to $710 from $575.