On August 14, 2026, Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) filed its first-ever 13F, pulling back the curtain on a $1.31 billion equity portfolio concentrated in just six positions. SpaceX Class A shares dominate the book, with AMD’s $565.5 million stake accounting for 43.1% of the portfolio. Three holdings are private and inaccessible to retail investors. The other three are tradable, and two additional compute plays sit directly in the path of AMD’s capital. Here is where the money is actually moving.
1. Absci: The AI-Bio Surprise Hiding in AMD’s Book
Nobody expected an AI chip company to disclose a biotech position. Nevertheless, AMD’s 13F includes a $66.2 million stake in Absci, worth roughly 5.0% of the portfolio. Absci (NASDAQ:ABSI) runs an AI-driven de novo antibody platform that is a heavy consumer of the same accelerated compute AMD sells. If AMD is showing you where downstream AI demand actually lands, this is the tell most investors will miss.
The setup is early-stage, but the stock action is not. Absci is up 153.6% year to date and 212.7% over the past year, with a market cap around $1.51 billion. Analysts back the story: nine Buy or Strong Buy ratings against a single Hold, with a consensus target of $13.89. Cash and marketable securities sit at $201.1 million, which management says funds operations into H2 2028.
Absci CEO Sean McClain has already telegraphed the near-term catalyst: “We are fast approaching defining moments for Absci, with interim proof-of-concept data for pattern hair loss later this year.”
The next name on this list is where AMD did not just buy shares. It sold the company its crown jewel.
2. Sanmina: The Dark Horse AMD Handed the Keys To
AMD sold its ZT Systems server rack integration business to Sanmina. That unit is now the physical backbone of the Helios rack rollout every hyperscaler is fighting to secure. AMD also held $291.3 million of Sanmina stock, 22.2% of the disclosed 13F. Sanmina (NASDAQ:SANM) is the AI strategy’s assembly line.
The June quarter turned that partnership into a printing press. Sanmina’s revenue hit $4.013 billion, up 102.3% year over year, and non-GAAP EPS of $3.16 beat the $2.40 consensus by 31.8%. Management raised the FY26 outlook to $13.7 billion to $14.3 billion in revenue with EPS of $10.75 to $11.35. CEO Jure Sola said, “ZT Systems revenue significantly exceeded our expectations, driven by strong execution and customer demand.”
Shares are up 32.1% year to date and 68.9% over the past year. Sanmina is the sort of picks-and-shovels supplier that keeps showing up when you follow the AI buildout past the chipmakers, the same thread we pulled on in a free report on seven of these infrastructure names, here. Still, if you want the mothership itself, it is the next name and it is still not priced for what its data center segment just did.
3. AMD: The Heavyweight Deploying the Capital
You cannot back the portfolio thesis without owning the entity writing the checks. AMD just posted the quarter that justifies every one of those 13F positions, and the stock has responded accordingly: shares are up 126.1% year to date and 175.05% over the past year, closing today at $484.
Q2 FY26 revenue surged 50.1% year over year to $11.536 billion, while non-GAAP EPS reached $1.66. Data Center did the heavy lifting, with revenue more than doubling to $6.718 billion and operating income swinging to $2.10 billion from a $155 million loss a year earlier. AMD expects the momentum to continue, guiding for roughly $13 billion in Q3 revenue, implying 41% year-over-year growth.
CEO Lisa Su framed the trajectory bluntly on the August call: “We are still in the early stages of a multi-year AI adoption cycle…driving demand for more compute and creating a clear path to significant revenue growth and earning power in the years ahead.” Su also flagged the target that matters for the portfolio thesis: the data center AI accelerator market growing more than 45% annually to approximately $1.4 trillion by 2030.
The next name is where AMD wrote a direct check to buy a seat at that table.
4. Nutanix: The $150 Million Direct Check
AMD’s 13F disclosed $210.8 million in Nutanix stock, 16.1% of the portfolio, but the equity is only part of it. AMD also committed a $150 million equity investment and up to $100 million in joint R&D funding to co-develop a full-stack agentic AI infrastructure platform with Nutanix (NASDAQ:NTNX). The first jointly-developed platform is expected late 2026. That timeline is the trade.
Fundamentals validate the check. Q3 FY26 revenue reached $703.07 million, up 10.0% year over year, with non-GAAP EPS of $0.47 beating the $0.35 consensus by 34.29%, marking the fourth consecutive EPS beat. Annual recurring revenue climbed to $2.43 billion, up 15% year over year, while management raised FY26 revenue guidance to $2.82 billion to $2.84 billion. CEO Rajiv Ramaswami cited “strong bookings, healthy new logo additions, and good free cash flow performance.”
Shares trade at a forward P/E of 31 with analysts targeting $60.71. But the trade AMD didn’t advertise sits at the bottom of the 13F, and it may be the loudest signal in the whole filing.
5. Quantum Computing Inc.: The Punchline Buried at 0.18%
Deep in AMD’s 13F, tucked below the SpaceX and Cerebras headlines, sits a $2.37 million position in Xanadu Quantum, 0.18% of the portfolio. It is a rounding error. It is also the only place AMD is publicly telling you it wants exposure to photonic quantum. Because Xanadu is private, the publicly traded proxy for that thesis is Quantum Computing Inc. (NASDAQ:QUBT), whose room-temperature photonic architecture targets exactly the successor-to-GPU market AMD is quietly hedging.
The numbers are still small, but the direction is not. Q2 FY26 revenue came in at $5.55 million, up roughly 9,000% from $61,000 a year earlier, with the net loss narrowing to $11.75 million from $36.48 million. Cash and investments sit at $189.15 million, backlog reached $42.5 million as of June 30, 2026, and the $73.1 million NHanced Semiconductors acquisition launched Fab 2 ahead of schedule. Analysts see the option value: four Buy ratings against two Holds with an $18.33 target, roughly double the current $9.05 close.
CEO Yuping Huang’s pitch mirrors why AMD would want a toehold in this corner: “Room-temperature photonic architecture continues to differentiate QCi by providing a pathway to practical quantum systems with significantly lower complexity, cost and power requirements.” If AMD’s $2.37 million whisper becomes a shout, this ticker is the only public seat left.
The Trade Setup
AMD’s inaugural 13F reads like a treasure map. Sanmina builds the racks, Nutanix runs the stack, Absci consumes the compute, and QCi hedges the architecture. AMD itself sits in the middle, guiding to $13 billion in Q3 revenue while the data center AI TAM races toward $1.4 trillion by 2030. Wall Street coverage of this specific filing has not landed yet. That window closes fast.
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