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<p>Here’s a bold take: The most important thing to look at in AMD’s earnings report isn’t revenue.

Revenue, profits, and guidance all beat expectations.  
But free cash flow came in at just $500 million, well below the $1 billion forecast—a more than 60% year-over-year decline.  

The money is all tied up in expansion. That’s fine—provided demand stays strong.</p>

Here’s a bold take: The most important thing to look at in AMD’s earnings report isn’t revenue.
Revenue, profits, and guidance all beat expectations.  
But free cash flow came in at just $500 million, well below the $1 billion forecast—a more than 60% year-over-year decline.  
The money is all tied up in expansion. That’s fine—provided demand stays strong.

Here’s a bold take: The most important thing to look at in AMD’s earnings report isn’t revenue. Revenue, profits, and guidance all beat expectations. But free cash flow came in at just $500 million, well below the $1 billion forecast—a more than 60% year-over-year decline. The money is all tied up in expansion. That’s fine—provided demand stays strong.

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