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AMD Pre-Earnings Q2: Management Confidence is High for H2
In the medium-term, starting later in 2023 and into 2024, we laid out reasons why we are very positive about the competitive and financial opportunity it presents for AMD. In the short-term, AMD faces a delicate balancing act of confronting weakness in PCs while providing assurances of a 2ndhalf rebound and acceleration into 2024. In that regard, AMD Q2 earnings report will be closely watched for evidence of this. For the past 3 months, analysts have steadily reduced their quarterly earnings estimates to reflect weakness from the consumer-facing PC segment. However, the multiple has expanded in part due to the optimism surrounding AMD’s AI opportunity. It’s also helpful that AMD continues to take market share from Intel on CPUs
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