Capex is a promise; revenue is the receipt — and to judge AMD's AI receipt you need the starting line. AMD's 2024 DEF 14A reported "Data Center revenue grew 7% year-over-year to $6.5 billion, driven by higher sales of AMD Instinct GPUs and 4th Gen AMD" EPYC processors. EdgarBeast surfaced the figure.
That $6.5 billion is the baseline. A year of single-digit growth, with Instinct contributing but not yet dominating, is the "before" picture. It is the number against which AMD's later disclosures — a segment that "nearly doubled," then "record" Instinct sales as MI350 ramped — should be read.
The growth slope is what makes the story. Going from 7% year-over-year growth to a near-doubling in a subsequent year is a regime change, and AMD's own filings document both ends of it. The accelerator that powers the later years, the MI300 and MI350 series, was already in the product family the 10-K describes.
The honest caveat: data-center segment revenue bundles Instinct GPUs with EPYC CPUs, so the $6.5 billion is not GPU-only. Treat it as the segment baseline, not an AI-chip-only figure. The 2024 proxy on sec.gov is the primary record; EdgarBeast is the evidence index.