TLDR
- Lisa Su says AMD secured licenses for MI308 chip exports to China and accepts 15% tax requirement
- August deal between Trump administration and chipmakers allows resumed exports with fee payment
- Senate introduced bipartisan bill Thursday to impose stricter limits on chip exports to China
- Chinese government directing state-funded projects away from U.S. chips toward domestic alternatives
- Wall Street analysts set average AMD price target at $284.67, indicating 32% upside potential
Lisa Su spoke at a tech conference in San Francisco about AMD’s export plans. The CEO confirmed the company received licenses to ship MI308 chips to China. AMD accepts the 15% tax requirement if exports move forward.
Advanced Micro Devices, Inc., AMD
Chipmakers face mounting pressure from multiple directions. U.S. restrictions and Chinese policies are squeezing semiconductor companies. AMD and Nvidia both struggle with unclear timelines for China business.
The Trump administration struck a deal with chip companies last August. AMD and Nvidia could ship certain products to China under new terms. They must pay a 15% fee to the U.S. government for those exports.
Constitutional questions surround this fee structure. Legal scholars argue export taxes violate the U.S. Constitution. The controversy remains unresolved while companies prepare for possible shipments.
Fresh Legislative Threats
Senators from both parties unveiled new legislation Thursday. The proposed bill would tighten restrictions on advanced chip exports. AMD, Nvidia, and other semiconductor makers would face additional barriers to China sales.
The administration is also considering Nvidia’s request to sell H200 AI chips to China. These decisions carry consequences for the entire chip industry’s China strategy.
AMD built the MI308 as a compliance-friendly version of its MI300X series. The chip meets export control standards for the Chinese market. U.S. officials placed restrictions on the MI308 and Nvidia’s H20 in April.
AMD’s Q4 2025 guidance didn’t include MI308 China revenue projections. Management chose to exclude those numbers given the uncertain export environment. Su thanked officials during the earnings call for approving some licenses.
China Pivots to Homegrown Chips
Beijing issued guidance requiring state-funded data centers to use Chinese-made AI chips. The policy eliminates U.S. semiconductor companies from those projects. AMD, Nvidia, and Intel lose access to government-backed business.
China represents a critical revenue source for American chipmakers. Restrictions on both sides threaten that relationship. Companies are caught between competing national interests.
China’s foreign ministry issued a statement Friday responding to U.S. restrictions. Officials called on America to support stable global supply chains. The ministry wants concrete actions rather than just rhetoric.
Analysts remain cautiously optimistic about AMD’s prospects. The stock carries a Moderate Buy consensus based on 28 Buy ratings and 10 Holds. The $284.67 average price target suggests room for growth despite China headwinds.
Su’s conference appearance signals AMD’s pragmatic approach to the situation. The company secured licenses for some MI308 exports and accepts the fee structure. AMD is ready to pay the 15% tax once shipments receive final approval to proceed.
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