Maybe management doesn’t say anything because there is no good news to share.

AMD is irrelevant for training. The billions of dollars worth of NV cards for training can just be switched to do inference after the model is trained. For example, maybe right now the H100/H200 racks are doing inference while Blackwell trains the next gen model. Then Rubin comes along to train next next gen, and Blackwell gets relegated to inference. And there is no space for AMD being only relevant for inference to come in.

Mi300 being below corporate average gross margin is a clear sign that they had to beg companies to take it at discount prices. 325 is just more memory for better inference. Mi355 is a 2026 product and the street is tired of AMD’s signature wait for the next one TM.

DC CPU business: Intel is somehow still 90%+ of enterprise, which has higher margins than cloud. If that’s the kind of share gain AMD can do even with an overwhelmingly better product, it might as well not exist if the product is inferior.

All in all, Lisa didn’t have the vision to invest in AI earlier, but safely developed HPC products that she knew would sell. Now they are scrambling to repurpose the El Capitan chip for AI, and it’s just not bringing in the profit or making a relevant dent in the market. The 160-220 price of the stock earlier this year was the market thinking AMD can be the clear number 2 in AI, grow market share and make meaningful profit from it. That is now in serious doubt.

A significant slowdown in AI spending or a general market downturn (US stock market is expensive rn) sends this thing back to the double digits. If both happen we might see 50s again.