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AMD's financial report won, but I didn't follow it. Many people waited for AMD's financial report last night, just waiting for one sentence: As long as it exceeds expectations, the stock price continues to fly. As a result, after the financial report came out, I put away the idea of buying. It's not because AMD's financial report is bad. On the contrary, this report card is actually quite beautiful. - Revenue in the second quarter was $11.54 billion, a year-on-year increase of 50%; The adjusted EPS was $1.66, also higher than market expectations. Data center revenue was $6.7 billion, doubling year-on-year, and third-quarter revenue guidance was $13 billion, also exceeding Wall Street expectations. If you only look at the financial report. This should be a standard "good news." But here's the problem. With such a good financial report, why did the stock price drop by 7% after hours? That's what I really care about. A lot of people do business, always like to research companies. I prefer to study the market. Because the company tells you how much money you make. The market tells you: Is this money worth the current price? AMD has risen too much in the past few months. AI, MI450, Helios, data centers, OpenAI, Meta... These stories, the market traded almost in advance. So the real question yesterday was not whether AMD could exceed expectations. Instead: How much more than expected. Now the market is no longer asking AMD to submit an excellent answer sheet. Instead, it is required that each quarter be more crazy than the previous quarter. The revenue increased by 50%. Not enough. EPS exceeded expectations. Not enough. Double the data center. It's still not enough. At this time, the stock trading is no longer performance. It's an expectation. To be honest. A lot of people bought AMD yesterday, not because they believed in Lisa Su. Instead, believe: There must be someone willing to pay a higher price. That's why I didn't chase. I have no doubt that AMD will continue to grow in the next few years. $SNDK $AMD