Key Takeaways
- • Tiger Global opened a new position of 674,727 AMD shares worth $392 million as of June 30, 2026, representing 1.6% of its $23.98 billion in US stocks and making AMD its 19th-largest of 46 positions, according to its 13F filed August 14.
- • ARK Invest cut its AMD holding by 48%, yet AMD still rose to 5.3% of ARK's $15.40 billion US stock portfolio (1.42 million shares worth $823 million), up from 4.3% at March 31, making it ARK's second-largest of 189 positions.
- • Analysts' 2027 normalized EPS estimate of $15.94 is more than double the $7.43 estimate from a year earlier, while AMD's forward P/E has fallen to 45x from a five-year high of 67x at the end of June, versus a 35x five-year average.
- • AMD's second-quarter revenue rose 50% to $11.5 billion, with Data Center revenue up 107% to $6.7 billion; third-quarter revenue guidance is about $13 billion, plus or minus $300 million, with results due after the close on November 3.
- • Key risk lies in 2027 Helios rack-scale system deployment, as AMD has granted OpenAI a warrant for up to 160 million shares and committed up to $5 billion to Anthropic tied to deployment milestones.
Summary
Tiger Global and ARK Invest took opposing positions in Advanced Micro Devices (AMD) in the second quarter of 2026, according to their 13F filings for the quarter ended June 30, filed August 14. Chase Coleman's Tiger Global opened a new AMD position of 674,727 shares worth $392 million. ARK Invest, led by Cathie Wood, cut its AMD shares by 48%, but the remaining 1.42 million shares were worth $823 million at quarter-end. Because AMD's gains during the quarter outpaced the sale, its weight in ARK's portfolio rose to 5.3% from 4.3% at March 31, leaving ARK with more than twice Tiger Global's dollar exposure. The filings do not show when trades occurred, what prices were paid, or whether positions are still held. AMD was down 13% from June 30 at the time of the report.
The fundamental backdrop has shifted sharply. AMD's second-quarter revenue rose 50% to $11.5 billion, and Data Center revenue more than doubled to $6.7 billion, or 58% of the total. Analysts expect normalized EPS of $4.17 in 2025, $7.62 in 2026 and $15.94 in 2027, with the 2027 estimate more than doubling over the past year, driven by Helios, AMD's rack-scale AI system, and strong server chip demand. Helios began ramping in the second half, and Anthropic's first gigawatt of it is slated for the first half of 2027. The mean price target is $640, up from $240 a year ago and 27% above Friday's $504.80 close, with individual targets ranging from $365 to $1,250 according to TIKR's analyst data.
The primary risk concerns 2027 execution. Analysts expect Helios to ship at scale to AI labs that must still build and fund data centers, and AMD is participating in that financing through a warrant for up to 160 million shares granted to OpenAI and a commitment to invest up to $5 billion in Anthropic tied to deployment milestones. The article's author argues that estimates built on these customers warrant skepticism. The author favors Tiger Global's position, noting AMD trades at roughly a third less against forward earnings than at the end of June, and that a 45x multiple could compress through earnings growth if Helios ships on schedule. Third-quarter results, due November 3, are the first test, and the September 13Fs due by November 16 will show whether Tiger Global added and ARK continued selling.
The fundamental backdrop has shifted sharply. AMD's second-quarter revenue rose 50% to $11.5 billion, and Data Center revenue more than doubled to $6.7 billion, or 58% of the total. Analysts expect normalized EPS of $4.17 in 2025, $7.62 in 2026 and $15.94 in 2027, with the 2027 estimate more than doubling over the past year, driven by Helios, AMD's rack-scale AI system, and strong server chip demand. Helios began ramping in the second half, and Anthropic's first gigawatt of it is slated for the first half of 2027. The mean price target is $640, up from $240 a year ago and 27% above Friday's $504.80 close, with individual targets ranging from $365 to $1,250 according to TIKR's analyst data.
The primary risk concerns 2027 execution. Analysts expect Helios to ship at scale to AI labs that must still build and fund data centers, and AMD is participating in that financing through a warrant for up to 160 million shares granted to OpenAI and a commitment to invest up to $5 billion in Anthropic tied to deployment milestones. The article's author argues that estimates built on these customers warrant skepticism. The author favors Tiger Global's position, noting AMD trades at roughly a third less against forward earnings than at the end of June, and that a 45x multiple could compress through earnings growth if Helios ships on schedule. Third-quarter results, due November 3, are the first test, and the September 13Fs due by November 16 will show whether Tiger Global added and ARK continued selling.
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