AMD's Data Center revenue accelerated to 57% year-over-year growth, reaching $5.78 billion in Q1 2026, while free cash flow jumped 252.96% year over year to $2.57 billion. Meta and OpenAI each independently committed 6 GW of AMD Instinct GPU deployments, signaling a credible GPU duopoly is forming. AMD's Q2 revenue is guided at roughly $11.2 billion, representing about 46% year-over-year growth, with non-GAAP gross margin stepping to 56% and a debt-to-equity ratio of 0.07. In contrast, NVIDIA's Q2 revenue guide of $91 billion explicitly excludes China Data Center compute, a bucket that contributed $4.6 billion a year earlier and is now effectively zero, while total supply-related commitments have ballooned to $119 billion. NVIDIA's Data Center is now 92.3% of total revenue for a $4.75 trillion company. AMD closed around $517.82 and rose roughly 7% higher intraday, with shares up 148% year to date, trailing P/E near 181x, and forward P/E near 76x.