## 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.