Su Ma's China 'Chip Diplomacy' + Taipei Urgently Demands Delivery: AMD Bets Big on the Agent AI Era

Over the past two days, AMD Chair and CEO Lisa Su (Su Ma) has stirred up quite a storm in the industry. She not only personally came to China (shuttling between Beijing and Shanghai) to attend the AMD AI Developer Day (AMD AI DevDay 2026) but also engaged in a high-stakes "chip diplomacy."
Combining the latest industry developments, we have distilled Su Ma's core statements and AMD's important news from these two days into the following three main themes, with in-depth analysis for each.

Key Events and Su Ma's Statements Recap

1. China Trip and "Chip Diplomacy": Deepening Commitment to the Chinese Market

• High-Level Meetings: On May 18, Su Ma met with senior Chinese officials in the Great Hall of the People in Beijing, clearly stating: AMD is willing to continue expanding its business in China and further increase investment in the Chinese market.
• Voice at Developer Day: On May 19, at the AMD AI Developer Day held in Shanghai, Su Ma stated bluntly: "China has the world's most vibrant AI ecosystem, and AMD's commitment to Greater China is unwavering." She also predicted: "In the next five years, 5 billion people will use AI daily."

2. Technology Trend Judgment: AI is Shifting to the "Agent" Era

• At the Shanghai event, Su Ma had an in-depth conversation with Kai-Fu Lee, founder of Zero One Everything. She pointed out that the next major shift in AI is moving from simple "Q&A-style" generative AI chatbots to autonomous AI agent systems (Agentic AI) and multi-agent collaboration. This shift is generating massive demand for high-performance CPUs and accelerators.

3. Supply Chain Dynamics: Urgent Calls to "Ramp Up Production" in Taipei

• Request for Urgent Capacity Expansion: Immediately following her mainland China itinerary, Su Ma publicly told Reuters and other media in Taipei: Given the strong demand in the current AI market, AMD has asked its supply chain partners (mainly referring to TSMC, etc.) to go all out to increase capacity and accelerate production.

Core Analysis: The Deep Logic from a Business and Investment Perspective

Analysis One: Extremely Skillful "Geopolitical Balancing Act"

• In the current macro environment, every step taken by US chip giants in China is like walking on thin ice.
• Strategic Statements: Su Ma's statements during this China trip were "warm in tone but very careful in wording." On one hand, she reassured the Chinese market by promising increased investment, preventing NVIDIA's special edition (like H20) or rising domestic Chinese forces (like Huawei) from completely taking AMD's market share; on the other hand, such statements also fall within the compliance framework.
• Product Line Breakthrough: In response to export controls, AMD has adopted a dual-track approach. Its customized MI308 accelerator can be shipped to China without special licenses; for the more advanced MI325X, AMD is working hard to supply Chinese customers through the narrow path of "case-by-case review." Her personal appearance this time is to maintain the confidence of major domestic companies (like Tencent, Baidu, etc.) in the AMD ecosystem.

Analysis Two: CPU Market Recovery Exceeds Expectations, Data Center "Dual Focus"

• Many people focus on GPUs, but Su Ma emphasized in her latest statement on May 21: The growth rate of the CPU market has significantly exceeded previous forecasts, and the CPU market's compound annual growth rate is expected to exceed 35% over the next 5 years.
• Logical Support: As AI enters the era of Agents and Inferencing, it not only requires GPUs for large-scale computation but also extremely powerful high-performance CPUs for complex logical scheduling and data preprocessing.
• Product Resonance: AMD's Q1 earnings released in early May showed its data center revenue grew 57% year-over-year (reaching $5.8 billion). The recently released 6th Gen AMD EPYC processors (codenamed Venice and Verano) and the Ryzen PRO 9000 series with 3D V-Cache technology are precisely aimed at seizing server and workstation market share originally belonging to Intel during the cyclical resonance of "CPU computing power recovery + AI inference demand."

Analysis Three: Supply Chain Overload, the "Happy Problem" Behind Urging Production

• Su Ma's call to partners in Taipei to expand production sends an extremely clear signal: Orders are overwhelming, and the current bottleneck lies entirely on the supply side (especially TSMC's advanced packaging capacity, like CoWoS).
• Meta's Super Order: In early May, Meta announced plans to deploy up to 6 gigawatts (GW) of AMD Instinct GPUs, with the first 1-GW batch directly using the customized AMD Instinct MI450. This "gulp-it-down" style order from an internet giant has put AMD's supply chain under immense pressure.
• Investment Reflection: Demand is not a concern; supply is the hurdle. Although AMD's stock price remains high due to long-term computing power expectations, the pace of TSMC's capacity release in the short term, as well as the supply rhythm of HBM4 memory (AMD is closely cooperating with Samsung), will directly determine the "realization speed" of AMD's earnings in the coming quarters.

Summary:
Su Ma's actions over the past two days can be summarized as: Strategically "stabilizing the Chinese market," technologically "betting on the dual demand for CPU/GPU brought by the Agent era," and supply chain-wise "fully urging TSMC to expand production." As a challenger, AMD is using its strong execution to leverage the "cycle resonance" of AI shifting from training to inference, forcibly tearing larger chunks of meat from NVIDIA and Intel.