AMD May Surpass Intel in Q4 Revenue

According to AMD's latest financial guidance, the company is on track to surpass Intel in quarterly revenue for the first time in history, marking a significant shift in the long-standing competition between the two semiconductor giants.

AMD reported stronger-than-expected third-quarter 2026 results on November 3, with both revenue and earnings per share exceeding analyst expectations. More notably, the company forecast fourth-quarter revenue of $17 billion, plus or minus 3%, above the market consensus of $16.23 billion.

By comparison, Intel expects fourth-quarter revenue of $15 billion to $16 billion, with a midpoint of $15.5 billion. Based on these projections, AMD's quarterly revenue could exceed Intel's by approximately $1.5 billion, highlighting its growing competitive position in the semiconductor market.

AMD also outlined strong growth prospects for its data center business. The company expects revenue to grow more than 80% in 2027, with server revenue approximately doubling year over year. AI-related data center revenue is also expected to exceed server CPU revenue in the fourth quarter of 2026. Meanwhile, its Helios and MI455X platforms have already generated initial revenue, with orders from major technology companies including Microsoft, Meta, OpenAI, and Oracle.

Intel, meanwhile, faces challenges from weaker PC demand and supply constraints involving memory and substrates. The company expects PC-related revenue to decline by more than 20% sequentially in the fourth quarter. It is also adjusting production capacity at its Oregon facility, shifting part of its 18A manufacturing capacity to Intel 3 to support Xeon 6 processor production.

The contrasting outlooks highlight a widening gap in the two companies' near-term business momentum, as AMD benefits from growing demand for AI and data center chips while Intel navigates weakness in the PC market and manufacturing adjustments.