This study presents multiple lines of evidence from observations and model simulations that support a key role for ocean dynamics, rather than external forcings, in Atlantic multidecadal variability (AMV) during the last half century. Observed AMV fingerprints considered here include the low‐frequency spatiotemporal evolution of sea surface temperature, surface heat fluxes, and deep ocean hydrography. While largely absent in the forced response of a large ensemble historical simulations (LENSs), these fingerprints are clearly discernible in a long control simulation where the variability is purely internal. Further evidence derives from initialized decadal prediction simulations, which exhibit much higher skill at predicting the observed AMV of the past 50 years than LENS. The high correlation between the observed AMV and the externally forced version derived from LENS, which has been invoked as evidence for externally driven AMV, is shown to be largely an artifact of concurrent warming since the 1990s.