AMD shares fall 7% after earnings as quarterly capex more than doubles to $808 million

AMD shares fell more than 7% in after hours trading Tuesday after the chipmaker reported record second quarter revenue while capital expenditures increased sharply from the previous quarter. AMD spent $808 million on property and equipment during the quarter, up from $389 million in the first quarter and $282 million a year earlier. Capital expenditures reached $1.2 billion during the first six months of 2026, compared with $494 million during the same period last year. Free cash flow declined to $1.56 billion from $2.57 billion in the first quarter, though it remained above the $1.18 billion reported a year earlier. Operating cash flow from continuing operations totaled $2.37 billion, down from $2.96 billion in the previous quarter and up from $1.46 billion last year. AMD reported record revenue of $11.54 billion, up 50% from $7.69 billion a year earlier and 13% from the first quarter. Adjusted earnings reached $1.66 per share, compared with $0.48 a year earlier. Adjusted net income rose 253% to $2.76 billion, while adjusted operating income increased to $3.09 billion from $897 million. On a GAAP basis, AMD reported net income of $2.3 billion, or $1.38 per diluted share, compared ...