AMD · CIK 2488
What Advanced Micro Devices, Inc. told the SEC could break it.
AMD's register clusters on China and the broader Asian supply chain at both ends of its business. On the supply side, nearly all of its product assembly and final testing runs through third-party facilities in China, Malaysia and Taiwan, and it leans on sole- or limited-source suppliers for certain equipment, materials and the IC packages used in products like its APUs. On the demand side, international sales were 67% of 2025 revenue, with China including Hong Kong at $7.75 billion — exactly where U.S. export controls bite: an April 2025 license requirement on its Instinct MI308 data-center GPUs drove about $800 million of inventory and related charges (later partially reversed), with further uncertainty from a mooted U.S. claim on 15% of licensed MI308 China-sale revenue.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- assembly/final-test concentrated in China, Malaysia and Taiwanhigh
Nearly all product assembly and final testing of AMD's products is performed at third-party facilities in China, Malaysia and Taiwan, concentrating back-end manufacturing in geopolitically exposed Asian locations.
“Nearly all product assembly and final testing of our products is performed at third-party operated manufacturing facilities, in China, Malaysia and Taiwan.”
- international sales 67% of net revenue; China (incl. HK) $7.75Bmedium
International sales were 67% of net revenue in 2025 (66% in 2024), with China including Hong Kong at $7.75B of $34.6B total external sales — heavy non-U.S. revenue exposure amid tightening export controls.
“International sales as a percentage of net revenue were 67% in 2025 and 66% in 2024.”
Regulatory & policy
- U.S. China export controls on MI308 Data Center GPUs — ~$800M inventory chargehigh
An April 2025 U.S. license requirement for exporting certain semiconductors to China and D5 countries hit AMD's Instinct MI308 products, triggering ~$800M of inventory and related charges in Q2 2025 (partially reversed ~$360M in Q4); a mooted U.S. demand for 15% of licensed MI308 China-sale revenue adds further uncertainty.
“This restriction impacts our AMD Instinct™ MI308 products. As a result of the restriction, we incurred approximately $800 million in inventory and related charges in the second quarter of 2025.”
Sole-source dependency
- sole/limited-source suppliers for equipment, materials and IC packages (incl. APU)high
Certain equipment and materials used to manufacture AMD products are available only from a limited number of suppliers or a sole supplier, and AMD depends on a limited number of suppliers for the majority of certain IC packages, including for its APU products.
“Certain equipment and materials that are used in the manufacture of our products are available only from a limited number of suppliers, or in some cases, a sole supplier. We also depend on a limited number of suppliers to provide the majority of certain types of IC packages for our microprocessors, including our APU products.”
SEC filing →As of 2026
Customer concentration
- one customer = 11% of consolidated accounts receivable (24% prior year)low
One unnamed customer represented approximately 11% of AMD's total consolidated accounts receivable at year-end 2025 (another was 24% at year-end 2024); no customer reached 10% of net revenue in 2025 or 2024.
“One customer accounted for approximately 11 % and another customer accounted for 24 % of the total consolidated accounts receivable balance as of December 27, 2025 and December 28, 2024, respectively.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Some of the components important to our business, including certain Central Processing Units (“CPUs”) from Intel Corporation (“Intel”) and Advanced Micro Devices, Inc.”
Cited →“We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations.”
Cited →
Its suppliers
United Microelectronics Corporation
“we utilize TSMC, United Microelectron”
Cited →
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