Lisa Su, CEO of Advanced Micro Devices
Photograph by Arturo Olmos
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Under CEO Lisa Su,
Advanced Micro Devices
has become known for flawless product execution. While rival
Intel
has stumbled with repeated delays and underwhelming product launches, AMD has consistently released market-leading chips on schedule, spending a fraction of Intel’s budget on research and development.
Su, 52, has been laser-focused on ensuring that the company builds the capabilities to meet its promises, while managing the technology risks inherent in innovation. “When we commit to a customer, we must deliver,” she says. “We’ve been able to do that for the past couple of generations, and we need to continue to do it.”
AMD has also delivered financially. The company’s sales increased by nearly 70% in 2021, while Intel’s revenue was roughly flat. AMD also doubled its earnings per share, with free cash flow rising by four times last year. And in a world where many technology companies grew without regard for profitability, AMD’s operating profit margin surged to 25%, from 17% the prior year.
AMD’s run is likely to continue. Su tells Barron’s that the company’s next-generation server processor, Genoa, is on track to launch later this year. She is optimistic about its market positioning against Intel’s next offering. “The data center is the biggest bet for AMD,” she says. “Genoa is leadership from a performance standpoint.”
The same might be said of Su.
Write to Tae Kim at tae.kim@barrons.com
