AMD Q1 Earnings: Yes, I’m Still Feeling Zen

Data center growth declined 23% sequentially and was flat year-over-year. Per the conversations on the call, data center growth is expected to be up year-over-year and this implies a 50% growth rate in H2 (see below). The sequential decline this quarter is a reflection of enterprise sales and not from EPYC CPUs, which remained strong. The Client segment was down (65%) due to PCs. The strategy has been to undership for a quicker rebound, which was Nvidia’s strategy for gaming. This makes it more painful in the short term but sets up a better recovery in the long term. According to management, this is the bottom for PCs with a meaningful rebound in H2.

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