The Short Answer
AMD is currently a qualified pass on the examined financial screens, not an unconditional scholar ruling. Its March 28, 2026 filing shows low reported debt and passing asset-based ratios. AMD's core semiconductor activity is generally permissible, while customer end uses, gaming, government and AI applications are not separately disclosed well enough to claim that every downstream use is permissible.
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-28; calculated 2026-07-14.
3,224 / 79,642
16,535 / 79,642
11,620 / 79,642
37 / 10,253
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 4.05%, identifiable liquidity/assets is 20.76%, and receivables-plus-cash/assets is 14.60%; gross interest income and end-use revenue are not fully disclosed.
- Financial
- Pass
- Overall
- Incomplete
Debt, identifiable liquidity and receivables-plus-cash are below the examined total-assets limits; business activity and gross investment income remain incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt and identifiable liquidity are below the examined Malaysia SAC limits. This is a calculation against SAC ratios, not an official SAC classification.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored, so market-cap denominator methods are not estimated from a spot price.
Business-activity disclosure
AMD designs CPUs, GPUs, adaptive chips, data-center accelerators, embedded products and software. Semiconductor and general-purpose computing activities are generally permissible, but public reporting does not classify revenue by downstream use or customer contract.
Limitation: AMD does not separately disclose revenue attributable to defense, surveillance, gaming, cryptocurrency, weapons, or other potentially sensitive end uses. The activity conclusion is therefore a qualified qualitative assessment, not proof that every downstream use is permissible.
Purification
The filing discloses $37 million of interest expense but not a gross interest-income or fully screened investment-income numerator. ZakatInvest does not prescribe a fixed purification percentage.
Inputs, assumptions and primary sources
- Amounts are USD millions from AMD's March 28, 2026 Form 10-Q.
- Debt is the reported current and non-current long-term debt; AMD reported no commercial paper outstanding and had a $3 billion undrawn revolver.
- Cash is $5,585 million and identifiable interest-bearing securities are $10,950 million of available-for-sale debt securities; equity investments are excluded.
- Accounts receivable is the reported net current balance of $6,035 million.
- Quarterly revenue was $10,253 million and disclosed interest expense was $37 million; the filing does not disclose a gross non-compliant income numerator, so no prohibited-revenue percentage is invented.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
This is a reproducible ZakatInvest calculation from AMD's first-quarter 2026 Form 10-Q. Amounts are USD millions. It is not a fatwa, an index-membership claim or personalized investment advice.
Current Quantitative Screen (March 28, 2026)
- Interest-bearing debt / assets: 4.05% — $3,224 million of reported debt against $79,642 million of assets
- Cash + identifiable debt securities / assets: 20.76% — $5,585 million of cash plus $10,950 million of available-for-sale debt securities
- Receivables + cash / assets: 14.60% — $6,035 million of accounts receivable plus cash
- Quarterly revenue: $10,253 million
- Interest-income screen: Gross interest income is not separately disclosed; $37 million of interest expense is not used as an invented prohibited-income numerator
- Market-cap denominator methods: Not calculated because a licensed, reproducible historical market-cap series is not stored
Debt, identifiable liquidity and receivables-plus-cash pass the examined FTSE Yasaar, MSCI total-assets and Malaysia SAC financial limits. The business-activity and gross investment-income inputs remain qualified rather than being filled with unsupported assumptions.
AMD's Business Activity
AMD designs and sells central processing units, graphics processors, adaptive and embedded chips, data-center accelerators and related software. These are general-purpose technology products, and semiconductor design is generally a permissible line of business. The filing reports strong data-center and client-and-gaming demand, but it does not provide a Sharia-screened split by customer, application or end use.
- Data center: EPYC CPUs, Instinct accelerators, networking and adaptive computing for cloud and enterprise workloads.
- Client and gaming: Ryzen processors and Radeon graphics used in PCs and game consoles.
- Embedded: Adaptive SoCs, FPGAs and embedded processors used across industrial, automotive, communications and other applications.
AMD announced a multi-gigawatt Meta agreement and customer warrants in the quarter. Those contracts increase concentration and execution questions but do not by themselves establish a prohibited-revenue percentage.
Qualitative Concerns
1. General-purpose technology has mixed downstream use
Processors and accelerators can support beneficial research, medicine, education and commerce as well as surveillance, weapons, misinformation, gambling, cryptocurrency or other harmful applications. AMD does not disclose a universal revenue allocation by end use, so the page keeps this limitation visible.
2. Gaming and entertainment require look-through judgment
Radeon and Ryzen products are used in gaming hardware. A component supplier is not the same as a gambling operator, but scholars and screening providers can differ on how far to look through a general-purpose product to a customer's use.
3. AI, export controls and customer concentration matter
Data-center accelerators and AI systems create export-control, geopolitical, energy, water and concentration risks. The filing's customer and contract disclosures support continuing review rather than a claim that these risks are immaterial.
4. Interest and investment income is not fully isolated
AMD reports interest expense and debt securities, but does not provide a gross investment-income numerator that can be mapped cleanly to every methodology. ZakatInvest therefore does not prescribe a purification percentage from incomplete data.
Bottom Line
AMD is financially passing but methodology-dependent under the current ZakatInvest screen. The March 2026 debt, liquidity and receivables ratios are below the examined limits and the semiconductor business is generally permissible. Investors should still obtain qualified guidance on downstream end-use treatment, interest-income purification, export controls and the appropriate Sharia methodology.
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