AMD’s last night’s earnings report—honestly, there’s nothing really to fault.
Revenue was $11.54 billion, a new high, up 50% year over year. Data center revenue was $6.72 billion, up 107%, beating market expectations of $6.5 billion. EPS came in at 1.66, also ahead of the expected 1.61. In the same quarter last year, the data center segment was still losing $155 million; this quarter it flipped to a profit of $2.1 billion.
Yet the stock dropped nearly 8% after hours.
It’s not that the earnings were bad—before the report was even released, the stock had already risen 146% this year, climbing to a 54x P/E multiple. The market likely consumed the “good” part long ago. What matters now isn’t just meeting expectations—it’s massively exceeding them, to a borderline ridiculous degree.
The real thing to watch isn’t this quarter. It’s what Su Zifeng said about the Helios platform starting to ramp in volume beginning in Q3—that’s the answer that can support this P/E.
If the stock pulls back after hours and can’t hold $470–480, it suggests the market’s confidence in the second half is wavering. Only if it reclaims the pre-earnings high of $513 would it truly mean investors are “accelerating” this story.
If it beats expectations twice and still falls, will you interpret it as a normal pullback—or that there’s simply no remaining room for valuation?
$AMDB #美股 #財報季 #AI供應鏈
Verifying my Binance Square account for YZi Labs Amplify via EchoHunt: EH-UVCSM4
Revenue was $11.54 billion, a new high, up 50% year over year. Data center revenue was $6.72 billion, up 107%, beating market expectations of $6.5 billion. EPS came in at 1.66, also ahead of the expected 1.61. In the same quarter last year, the data center segment was still losing $155 million; this quarter it flipped to a profit of $2.1 billion.
Yet the stock dropped nearly 8% after hours.
It’s not that the earnings were bad—before the report was even released, the stock had already risen 146% this year, climbing to a 54x P/E multiple. The market likely consumed the “good” part long ago. What matters now isn’t just meeting expectations—it’s massively exceeding them, to a borderline ridiculous degree.
The real thing to watch isn’t this quarter. It’s what Su Zifeng said about the Helios platform starting to ramp in volume beginning in Q3—that’s the answer that can support this P/E.
If the stock pulls back after hours and can’t hold $470–480, it suggests the market’s confidence in the second half is wavering. Only if it reclaims the pre-earnings high of $513 would it truly mean investors are “accelerating” this story.
If it beats expectations twice and still falls, will you interpret it as a normal pullback—or that there’s simply no remaining room for valuation?
$AMDB #美股 #財報季 #AI供應鏈
Verifying my Binance Square account for YZi Labs Amplify via EchoHunt: EH-UVCSM4
