Recap: Q1 2026
Doubled CPU TAM, Meta Upsized to 6 GW, Q2 Guide Blows Past Street — Stock Faded on Positioning, Not Fundamentals: Maintaining Outperform, FV Raised to $325–400
Flashcap: Q1 2026
Data Center Accelerates to +57%, Q2 Guides to $11.2B (+$680M Above Street), 56% GM Guide — And the Rally Stops Out: Maintaining Outperform, Fair Value Raised to $325-400
Recap: Q4 2025
$10.3B Record Quarter, Data Center +39%, FY26 Growth "Could Exceed 60%" — and the Stock Falls 17% on the Whisper-vs-Guide Gap: Maintaining Outperform
Recap: Q3 2025
Bridge Quarter Delivered: Data Center Reaccelerates to +22%, GM Snaps Back to 54%, OpenAI 6GW Deal Adds a Decade-Long Catalyst — and the Stock Sells Off Anyway: Upgrading to Outperform
Recap: Q2 2025
China Gut-Punch Quarter: Data Center Growth Cratered to +14% as MI308 Charge Bites, But Q3 Guide Above Street Keeps the MI355 Bridge Intact — Maintaining Hold
Recap: Q1 2025
Clean Beat, Cratered Q2 Margin: MI308 China Ban Punches a $1.5B Hole in the FY25 Story — Initiating at Hold