Research

AMD delivered 50.3% revenue growth and a 17.3% operating margin. Free cash flow weakened, however, and even a generous valuation remains below the market price.

AWS growth reached an 18-quarter high and lifted Amazon's operating margin to 13.7%. The trade-off is a sharp AI spending increase that pushed company-defined trailing free cash flow negative.

No quarterly release or financial table was supplied, so the reported change cannot be verified. FY2025 quality remains evident, but the current price already capitalizes an unusually demanding outcome.

AI semiconductors drove a sharp acceleration in revenue, margins and cash flow. Broadcom’s execution improved, but a 46.0x P/E leaves little room for the AI ramp to slow.

Data Center revenue rose 107%, confirming real AI adoption. At $503.60, however, AMD needs roughly $47 billion of annual FCF within five years to support its enterprise value.