Advanced Micro Devices surpassed a $1 trillion market capitalization for the first time on September 21, 2026, becoming the fourth U.S. semiconductor company to reach that valuation. AMD shares rose roughly 10% in a single session, reaching approximately $616 intraday and closing around $613. The stock has gained about 180% to 187% in 2026, far outpacing Nvidia’s roughly 21% to 23% return, although Nvidia remains valued at approximately $5.4 trillion. AMD’s second-quarter revenue rose 50% year over year to $11.54 billion, while data-center revenue more than doubled to $6.7 billion. EPYC server CPUs and Instinct GPUs are being deployed in large-scale AI training and inference by customers including Meta, Microsoft, OpenAI and Anthropic. Meta contributes about 5.5% of AMD’s total revenue, while Anthropic has ambitious plans involving AMD’s MI450 GPUs. AMD remains a challenger to Nvidia, whose H100 and Blackwell chips and CUDA software ecosystem retain a strong position in AI infrastructure. AMD is seeking growth by offering hyperscalers another source of supply, supported by the maturing ROCm software stack. The company’s rapid data-center expansion and customer concentration remain important issues as its comparison base grows.