Tech Stock of the Day Advanced Micro Devices Inc.

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October 29, 2015 Tech Stock of the Day Advanced Micro Devices Inc. 1

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Company Overview Designs x86 microprocessors for use in PCs and servers Entered the graphics processor market with acquisition of ATI in 2006 Designed semi-custom SoCs for the major game consoles using its CPU and GPU technology Sold fabrication facilities in 2009 to become a fabless semiconductor company 2

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Computing And Graphics Includes desktop and notebook processors, chipsets, discrete graphics processing units, and professional graphics Generated $424 million of revenue and a $181 million operating loss during Q3 2015 Segment accounted for ~40% of total revenue during Q3 2015 3 Source: AMD

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Enterprise, Embedded and Semi-Custom Includes server and embedded processors, semi-custom System-On-Chip products, development services, and technology for game consoles Generated $637 million of revenue and an $84 million operating profit during Q3 2015 Segment accounted for ~60% of total revenue during Q3 2015 4 Source: AMD

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Major Competitors Intel Dominant in both the PC CPU market and the server CPU markets. Has been winning market share from AMD for years. NVIDIA Has become dominant in the discrete graphics card market. NVIDIA shipped 82% of discrete GPUs during Q2 2015, up from ~60% in Q2 2014. 5

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AMD is selling its assembly and test facilities into a joint venture with Nanton Fujitsu Microelectronics. AMD will receive $320 million net of expenses and retain a 15% stake in the JV. CPU architect Jim Keller, responsible for AMD’s upcoming Zen x86 CPU, left the company in September. The company expects its product timetable to be unaffected. AMD launched the Radeon R9 Nano in September, a powerful graphics card in a small form factor. AMD Corporate Fellow and president of the Heterogeneous System Architecture Foundation left the company after 21 years to join competitor NVIDIA in October. 6 Recent News

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7 Five Year Stock Performance 77% Source: YCharts

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8 One Year Stock Performance 35% Source: YCharts

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The Numbers Market Capitalization $1.7 billion TTM Net Income ($922 million) Total Debt $2.26 billion TTM Revenue $4.27 billion Total Cash $755 million Dividend Yield N/A 9 Source: AMD

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AMD will begin booking revenue for semi-custom design wins other than the game consoles during the second half of 2016. The Zen microarchitecture is expected to launch toward the end of 2016, promising a 40% improvement in performance-per-clock compared to the previous generation of AMD’s CPUs. AMD plans to launch a 64-bit custom ARM-based server chip, K12, in 2017. K12 was originally expected to launch in 2016. Next-gen GPUs, codenamed Arctic Islands, are expected to launch in 2016. Rumored to be built on a 16nm process and feature the second generation of high-bandwidth memory. 10 Looking Ahead

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