TMTB: AMD SMCI First takes

AMD -3%: Looks ok — inline-ish print and guide. We await the call for any color on Mi300….

Q1 $5.5B and 52% GM both in line. DC revs of $2.3B also roughly in line.

Q2 revs $5.3B -$6B vs street at $5.7B and buyside bogeys a little higher.

Q2 GM 53% vs street at 53%

$AMD RESULTS: Q1
ADJ EPS $0.62 vs. $0.60 y/y, EST $0.61
Revenue $5.47B, +2.2% y/y, EST $5.45B
Data center revenue $2.34B, +80% y/y, EST $2.31B
Gaming revenue $922M, -48% y/y, EST $965.5M
Client revenue $1.37B, +85% y/y, EST $1.29B
Embedded revenue $846M, -46% y/y, EST $922.6M
ADJ gross margin 52% vs. 50% y/y, EST 52%
Capital expenditure $142M, -10% y/y, EST $118.4M
ADJ operating income $1.13B, +3.2% y/y, EST $1.11B
ADJ operating margin 21% vs. 21% y/y, EST 20.8%
Free cash flow $379M, +16% y/y, EST $2.22B
R&D expenses $1.53B, +8.1% y/y, EST $1.5B