AMD CEO Lisa Su confirmed that China still accounts for roughly 20% of the company's total revenue, a significant share despite escalating US export controls on advanced chips.
Su called China a "very important market," noting that AMD continues to work closely with Chinese customers. The revenue comes mainly from PC, gaming, and certain data center divisions-segments not fully blocked by restrictions.
The Export Control Maze
Starting January 2026, the US government will require case-by-case licensing for certain AMD chips, including the advanced AI accelerator MI325X. Each sale now needs individual approval. However, it's not a complete ban: AMD resumed limited sales of chips like the MI308 under a conditions-based arrangement announced in August 2025, which requires sharing a portion of revenue with the US government.
The 20% figure is down from 24% in 2024, when China contributed roughly $6.2 billion. The drop signals that restrictions are already biting, even as AMD maintains relationships.
Investor Implications
For investors, the China situation is a double-edged sword. On one side, 20% revenue exposure to a single geopolitical risk is significant. Further tightening could hand market share to domestic Chinese chipmakers. On the other side, any easing could unleash pent-up demand. AMD's strategic focus on non-restricted products like PC and gaming chips keeps distribution channels warm and brand presence intact, positioning the company for any future loosening.