AMD's Next AI Accelerator Carries 432 Gigabytes of Memory -- 50% More Than the Last One. Here's the Bill That Comes With It.

AMD's new MI455X AI accelerator features 432GB of HBM4 memory, 50% more than its predecessor, positioning it competitively against Nvidia's offerings. However, the company faces rising memory costs as SK Hynix and other suppliers command premium prices. While strong demand for Helios racks and the Anthropic partnership signal growth, AMD's ability to maintain margins depends on passing increased input costs to customers—a challenge reflected in the stock's 31x forward earnings valuation.