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AMD's earnings preview is simpler than SpaceX's earnings report After SpaceX's after-hours earnings in the US market, AMD released its Q2 earnings, which are also a key focus for the AI sector this week. Let's focus on a few key data points, with the core confirming current revenue and assessing future performance and business capabilities 1. Data center business growth, which is the core supporting current valuation and stock price. Whether data centers will continue to grow, and where the growth points are, is used to verify whether the cloud business can continue to expand under Intel's control, and whether it can capture more GPU market share from Nvidia to balance current valuations and stock prices 2. MI350: This is currently AMD's core GPU series. The focus is on shipment volume. The market needs to rely on this data for answers. How many customers are actually buying, and the more customers buy, the more support the valuation and stock price 3. MI450, the future core flagship product. The key focus is on MI450 mass production timeline, customer order quantity, customer commitment scale, expected performance contribution in Q4 2026, revenue outlook for 2027, etc. This is the core product supporting AMD's 2027 performance and represents future stock price and valuation support 4. AI revenue: Facing competition from Nvidia, can the gap between the two be narrowed? Only by gradually narrowing the gap with NVIDIA through performance growth can the story of "Nvidia substitutes" continue 5. Gross margin: Previously, AMD's Q2 gross margin guidance was 56%, slightly higher than Q1's 55%. If product sales grow but gross margin does not improve, the market may suspect AMD is engaging in a price war, using low prices to boost sales. 6. Q3 guidance: If Q3 revenue guidance is lower than the Q2 figure, the market will also adjust the stock price and valuation, causing it to fall. Summary: Tonight, the current stock price and valuation will be determined by data centers and MI350, with gross margin, while the absolute future valuation and stock price will be determined by MI450 products, with Q3 guidance. Top combination: revenue exceeded expectations + data center exceeded expectations + MI350 sales volume expansion + Q3 guidance raised + gross margin ≥56% + MI450 progress moved up and orders suspended This set of data can reinforce the current logic of AI commercialization and, together with AMD's stock price, will bring greater confidence to the entire US AI sector, boosting this week's US stock market performance! Worst expectations: revenue and earnings per share beating expectations + average data centers + average Q3 guidance + MI350 growth below expectations + no new orders for MI450. With this combination, even if revenue and earnings per share beat expectations, the stock price could fall! #财报观察员: AMD and SpaceX are about to hand over, with Circle as the grand finale