## Earnings Wrap-Up ### **AMD (Buy) | TP: $511** * **Guidance slightly beat expectations ($11.2bn vs. $10.5bn Bloomberg consensus, Buy side $10.96b). ***Server CPU TAM** now projected at >35% CAGR. AMD’s leadership will be further strengthened by Venice and a diversified CPU portfolio. ***Progress on **MI455/Helios** remains on track. * **Outlook:** Some investors were a bit cautious before the print; additionally, the frequent demand upward revision misled analysts’ near-term estimates. That said, the pause before the print could further boost the share price outperformance. Overall, we remain bullish ### **Lumentum (LITE - Buy) | TP: $1,168** * **Slightly below** FY3Q revenue ($808m) slightly missed buy-side targets, and F4Q’s $985m below buy sides $1bn, though gross margins expanded to **47.9%**. * **Key Drivers:** Laser supply remains structurally tight as demand outpaces capacity. OCS is gaining momentum via multi-year agreements. * **Outlook:** While the FY4Q guidance led to a brief after-hours pull-back, earnings power is expected to scale dramatically into CY2027. ### **Supermicro (SMCI - Hold) | TP: $43** * **Shares jumped 18% after hours following a strong Gross Margin beat. * **Key Drivers:** Margin gains were driven by a better customer mix (enterprise) and fewer low-margin GB300s. * **Outlook:** While margins are expected to remain elevated, the rating remains **Hold** due to uncertain top-line growth and limited visibility on new GB300 bookings.

Why is Lisa Su considered AMD’s greatest CEO and one of AI’s strongest brand ambassadors? When Su took over $AMD in 2014, the company was close to bankruptcy. AMD’s market cap has surged 65x from $10B to $650B. Ironically, this came after Sky Sports once asked Su if she could “speak English” at the 2018 F1 Chinese Grand Prix. A MIT PhD in EE, she restored AMD’s engineering culture by working directly with chip teams and inspecting samples herself. Unlike hype-driven executives, Su built her reputation on technical credibility, stability, and delivering on promises. Today, AMD jumped 18% after earnings as quarterly data center revenue hit $5.8B, up 57% YoY. Su also noted that AI agents could shift the CPU-to-GPU ratio from 1:8 toward 1:1, with some agentic AI systems requiring even more CPUs than GPUs.

HALVORSEN'S VIKING GLOBAL JUST OPENED A NEW $912M APPLE POSITION AND EXITED AMD Here are their updated largest holdings and every move they made in Q1 2026, as per @ralliesai: Top 10 holdings: 🥇 Visa $V: $1.91B (+59% shares) 🥈 Taiwan Semiconductor $TSM: $1.51B 🥉 Schwab $SCHW: $1.38B 4. Disney $DIS: $1.28B 5. Fortive $FTV: $1.24B 6. Air Products $APD: $1.19B 7. McDonald's $MCD: $1.13B 8. Sherwin Williams $SHW: $998M 9. Tesla $TSLA: $927M (+47% shares) 10. Apple $AAPL: $912M (NEW) New positions: - Apple $AAPL: $912M - FedEx $FDX: $688M - Meta $META: $608M - ATI $ATI: $485M - Waters $WAT: $374M - Hasbro $HAS: $350M - Reddit $RDDT: $344M - AIG $AIG: $318M - Cboe Global Markets $CBOE: $193M - Home Depot $HD: $166M - Lululemon $LULU: $150M - CoreWeave $CRWV: $108M - Interactive Brokers $IBKR: $94M - Edwards Lifesciences $EW: $88M Biggest adds: - Carvana $CVNA: +162% shares - Lennox International $LII: +153% - Thermo Fisher $TMO: +110% - Medline $MDLN: +64% - Visa $V: +59% - American Sports $AS: +51% - Tesla $TSLA: +47% - JPMorgan $JPM: +42% - General Motors $GM: +35% - CSX $CSX: +35% Biggest trims: - Amazon $AMZN: -62% shares - Stellantis $STLA: -59% - PNC Financial $PNC: -58% - Dick's Sporting Goods $DKS: -51% - API Group $APG: -49% - Capital One $COF: -45% - Microsoft $MSFT: -28% Full exits: - AMD $AMD: $801M - DraftKings $DKNG: $659M - Ross Stores $ROST: $571M - Chewy $CHWY: $447M - UBS Group $UBSG: $426M - UnitedHealth: $395M - Saia: $355M - Tradeweb: $298M - Bank of America: $247M - Boston Scientific: $239M - Digital Realty: $233M - Lowe's: $220M - Figma: $215M The rotation: out of AMD, big-box retail, regional banks, and healthcare insurance. Into Apple, Meta, Tesla, Reddit, CoreWeave, and consumer staples like Home Depot, Hasbro, and Lululemon.