AMD gaming revenue drops 31% year-over-year as GPU prices crater demand

AMD's gaming revenue fell 31% year-over-year in Q2 2026, CEO Lisa Su told investors last week. The gaming division — which covers both discrete GPUs and semi-custom console chips — posted weak numbers even as the company's data center business doubled revenue in the same period.

Su said high GPU prices "weighed on" consumer demand. The comment comes as AMD's current-gen RX 9000 cards (RDNA 4) have struggled to gain traction against NVIDIA's RTX 50-series, which launched earlier this year with more aggressive pricing at the high end. AMD's top card, the RX 9070 XT, sits at $699 with 16GB VRAM, but supply has been spotty and street prices have crept higher.

The drop also reflects a slowdown in console sales. Both PlayStation 5 and Xbox Series X|S are in their fifth year, and upgrade cycles have stalled. AMD supplies the custom chips for both platforms, so flat console demand hits its gaming revenue directly.

Su said she's "optimistic" about the client market going forward, citing upcoming Ryzen 9000 CPU refreshes and improved GPU availability in Q3. That optimism hasn't shown up in sales yet. For now, gamers are holding off on upgrades or going NVIDIA — neither helps AMD's gaming numbers.

If you're weighing an RX 9070 XT against an RTX 5070, run the numbers on BetterFPS to see which card actually delivers at your resolution and settings. Price cuts might be coming if this trend holds.