AMD is trading at $194.11 (-3.04%) as investors reprice the stock for execution risk following a one-time China revenue windfall that masked underlying guidance weakness despite record Q4 results.
- While Q4 revenue hit a record $10.27 billion, $390 million of the beat came from a non-recurring China export license, leading to a projected $400-800 million revenue shortfall for the year as Q1 China revenue is expected to plunge 75%.
- Wall Street flagged persistent operating expense overruns of $200 million above guidance for four straight quarters, alongside supply constraints for HBM4 memory and delays in UALink switches.