AMD just beat on every headline number — and the market still found a catch. Revenue hit a record $13.38 billion in Q3, up 45% from a year earlier, beating the $13.10 billion expected. Data centre sales nearly doubled, up 97% to $8.5 billion. Adjusted earnings came in at $2.09 a share, above the $1.95 consensus. Then the guide: about $17 billion for Q4, above the roughly $16.3 billion expected — and the stock rose about 7% after hours, to about $519. The catch: free cash flow fell to $554 million, down from $1.53 billion a year earlier. Bitcoin sits near $77,900 while the chip trade asks a sharper question — is this growth, or growth bought on credit?