TMTB Morning Wrap

Good morning. Futures up early this morning as AI semis leading the way with AMD +6% post a bullish set of #s at the analyst day. Holding the gains here today — which we expect it to do - would be a good tea leaf for the broader AI trade. Hopefully we can get past the bubble talk (on both sides) and let stocks do their thing. Next big catalyst is NVDA +1.5% print next week. NAND/DRAM prices continue to rise overnight. BTC +2%. Asia up overnight: TPX +1.14%, NKY +0.43%, Hang Seng +0.85%, HSCEI +0.82%, SHCOMP -0.07%, Shenzhen -0.39%, Taiwan TAIEX +0.58%, Korea KOSPI +1.07%,

Not a ton out overnight, but let’s get to it…

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AMD +5% after a better than expectations analyst day where they laid out a positive set of LT targets and confirming co has visibility into new multi-GW customer adoption

The #s

35%Revenue 3-5 year CAGR with >60% CAGR in Core Client + Embedded) with 40 -50% DC CAGR. $1T TAM by 2030. GM 55-58% target by 2030. 35% operating margin. FCF margin 25%. EPS > $20

Numbers get you roughly $16 in ‘28 (street at $12.25 before today)