AMD · 10-K · 2025A · Full report

Export Controls / Regulatory Risk

ADVANCED MICRO DEVICES INC · 2026-02-04 · Importance 53 · Surprise 60

During Q2 2025 AMD recorded approximately $800 million of inventory and related charges on AMD Instinct MI308 Data Center GPUs as a result of new U.S. export restrictions on certain semiconductors to China. AMD applied for and obtained some U.S. government licenses allowing shipments of MI308 products to certain China-based customers and reversed approximately $360 million of the earlier charges in Q4 2025 as shipments began. U.S. officials have indicated an expectation that the U.S. government may receive 15% of revenue from licensed MI308 sales to China, but no regulation establishing such a requirement has been published to date. AMD disclosed approximately $440 million of net inventory and related charges tied to these export controls that partially offset gross margin in 2025.