AMD’s latest forecast puts it on course to report more quarterly revenue than Intel for the first time, according to a TechRadar report published on November 10. AMD guided fourth-quarter 2026 revenue to about $17 billion, plus or minus 3 per cent. Intel’s forecast for the comparable quarter was between $15 billion and $16 billion. If both companies land within those ranges, AMD would record the higher quarterly revenue. The result is a forecast, not a reported outcome, and it should be understood as a financial milestone rather than proof that AMD has overtaken Intel in every part of the processor market.
Data-centre revenue is driving the projected quarterly crossover
The outlook follows a strong third quarter for AMD. The company reported revenue of $13.4 billion, up 45 per cent year over year. Data-centre revenue rose 97 per cent to a record $8.5 billion, representing 64 per cent of total sales. TechRadar said the growth was driven by EPYC server processors and Instinct AI accelerators, with the first revenue shipments of the MI455X accelerators and Helios rack systems beginning during the quarter. Those systems are designed for large AI deployments, where customers buy not only processors but also integrated racks, networking and supporting infrastructure.
AMD’s data-centre business is benefiting from a shift in how technology companies spend on AI. Training and inference clusters require accelerators, but they also need server CPUs to coordinate workloads, feed GPUs, manage storage and run the software around the model. AMD’s EPYC processors target those host and general-purpose roles, while Instinct accelerators handle specialised AI computation. The company’s rack-level Helios systems combine multiple components into a more integrated deployment. This broadens the revenue opportunity beyond traditional CPU sales and helps explain why data-centre products are becoming a larger part of AMD’s overall business.
The forecast is a revenue comparison, not a change in CPU market share
The comparison with Intel needs context. The projected crossover concerns total company revenue in a single quarter, not the number of CPUs shipped or the share of the x86 processor market. TechRadar cited market data showing Intel still held about 65.9 per cent of x86 CPU shipments in the second quarter of 2026. AMD’s revenue mix also includes embedded products and console chips, while its AI accelerators have grown rapidly. Intel’s own business is expanding in data-centre products, but it faces supply constraints and the impact of a production disruption at its Fab 28 site in Israel.
AMD’s management expects data-centre revenue to rise sharply again in the fourth quarter, with the company’s chief financial officer guiding for roughly 50 per cent sequential growth in that segment. TechRadar reported that AMD expects its data-centre AI business, including Instinct GPUs and racks, to outsell its server CPU business for the first time in the quarter. That would show how quickly the company’s growth mix is shifting toward accelerators. It also means that AMD’s near-term results will be sensitive to the pace at which large cloud and AI customers bring new systems online.
The forecast carries execution risks. AMD’s inventory increased by about $3 billion to $11.5 billion, while free cash flow was $554 million in the third quarter, according to TechRadar. The report also noted that some major AI deals include customer warrants and that revenue is concentrated among a relatively small group of frontier AI labs and hyperscalers. These factors do not negate the growth, but they matter when assessing its durability. Large customers can change deployment schedules, and accelerator demand can be affected by power availability, financing and the economics of AI services.
The most accurate reading is that AMD may cross Intel in quarterly revenue because AI infrastructure has become a major growth engine. It does not mean Intel has lost its CPU leadership by volume, nor does it establish that AMD will remain ahead in every subsequent quarter. Investors should watch the final fourth-quarter results, data-centre margins, cash conversion and customer concentration. For the wider market, the shift shows how AI accelerators and rack-scale systems are changing the revenue balance between long-standing semiconductor competitors.