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Q2 revenue grew 50% YoY to $11.54B, adjusted EPS was $1.66 (vs. $1.62 expected), data center revenue more than doubled to $6.72B, and Q3 guidance came in above consensus. Excellent numbers by any means. Despite that, the stock fell almost 7%.
My takeaway is that AMD isn't being judged against its own analyst estimates anymore, it's being judged against the AI expectations already priced into the stock. Strong execution was expected, but the market wanted exceptional.