$KLAC rose 8.4% this week. $INTC fell 28.6% on Friday alone. $AMD reports Tuesday after the close, and I own it. Same industry, opposite weeks. KLA guided its December quarter to about $4.7B, above the roughly $4.63B the street expected, and the stock went from $145.61 to $157.91. Intel beat its own guide, $0.52 a share against $0.38, then guided Q4 revenue to $15B-$16B when analysts expected $17.1B. The CFO blamed a PC slowdown running at least through the first half of next year. The stock went from $92.07 to $65.76 in one session. So the market is paying for one thing right now: next quarter's number. Last quarter's beat bought Intel nothing. That's my lens for AMD on Tuesday. AMD closed Friday at $504.80, down 2.3% on the week. Consensus sits near $1.97 a share on about $13.2B of revenue. I'll skip the headline beat and read the December guide and the data center line first. I own AMD, $KLAC and $NVDA. I don't own Intel. If AMD's guide comes in light, I hold and read the call. If the data center line shrinks quarter on quarter, that changes my mind.