On Muse's impact on CPUs, there is a different take circulating on X: 'In a base case, serving 100 mn DAUs requires ~1 GW of power, and only ~0.1 GW comes from the CPU/VM layer.' Depending on how many inference-equivalent model calls each Muse DAU generates per day, 3–4 GW makes complete sense. ...
Meta launched Muse on Sep. 8. Each Muse runs on a dedicated virtual machine, the Muse Secure VM, which stores both the agent and user data. Long-running jobs keep executing even after the app is closed, then re-engage the user when something changes or an approval is needed.
The product went viral, briefly topping the US mobile download charts. For details on Muse and its implications for Meta, see Dolphin Research's take 'Muse goes viral: real inflection or hype peak?'...
+14AMD released its Q2 2026 results (quarter ended Jun 2026) after the U.S. close on Aug 5 (Beijing time). Revenue was $11.54bn, +50% YoY, slightly above consensus ($11.3bn). Growth reaccelerated, driven mainly by a doubling in the Data Center biz.
GAAP GPM was 53.8%. Prior-year comps were affected by an approx $0.8bn impairment related to China restrictions...Revenue of $11.5bn (+50% YoY). Data center revenue doubled to $6.7bn, lifting mix to 58%. 2027 guidance for data center is 'well above a doubling'.
However, gaming revenue fell 31% YoY. Client and Gaming OPM declined to 15% from 21% YoY. The company raised its 2030 AI accelerator TAM to $1.4tn. It said EPS will significantly exceed the $20 target.Below is Dolphin Research's Trans of AMD's FY26 Q1 earnings call. For our analysis, see 'CPU in Overdrive, Helios Near, Is AMD Finally Breaking Through?'.
I. Key highlights from the print. 1) Shareholder returns: repurchased 1.1 mn shares this quarter, returning $221 mn to shareholders. $9.2 bn remained under the buyback authorization at quarter-end.2) Outlook: Q2 FY26 revenue guided to approx. $11.2 bn (+/- $0.3 bn). Implies a range of $10.9–$11.5 bn...AMD reported its Q1 2026 results after the U.S. market close on May 6 (Beijing time). The quarter covered the period ended Mar 2026. Key takeaways:
1) Overall results: $AMD(AMD.US) delivered revenue of $10.25bn (+37.8% YoY), beating market est. of $9.9bn. Growth was led by Data Center and Client.
GAAP GPM was 52.8%. It expanded 260bps YoY...
Below is Dolphin Research's transcript of AMD's Q4 2025 earnings call. For earnings analysis, see 'Another Loud Thunder, Little Rain! When Will AMD Step Up?'
Key call takeaways: 1) Next quarter guidance: revenue of $9.8BN (±$300mn), incl. ~$100mn from MI308 sales in China; non-GAAP GPM ~55%. Data center biz grew QoQ, while other segments saw seasonal declines. 2) Data center outlook: Server CPU won't see typical seasonal weakness...AMD released Q4 2025 results (quarter ended Dec 2025) after hours on Feb 4, 2026 Beijing time. Revenue was $10.27bn (+34.1% YoY), beating the raised consensus of $10.0bn.
Amid a recent rebound in server CPUs, the Street has lifted its forecasts. This quarter's topline growth was driven mainly by data center CPUs and the Client segment...The following are the minutes of AMD's Q3 2025 earnings call, compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article titled 'AMD: Partnering with Open AI? Not a 'Spare Tire' Lifesaver'.
1. Review of AMD's Core Financial Data
Overall performance for the third quarter: Revenue increased by 36% year-over-year to $9.2 billion, excluding revenue from MI308 sales to China; net profit increased by 31%; free cash flow grew more than threefold; diluted earnings per share were $1.20, up 30% from $0.92 in the same period last year...
AMD (AMD.O) released its financial results for the third quarter of 2025 (ending September 2025) after the U.S. stock market closed on the morning of November 5, 2025, Beijing time. Key points are as follows: 1. Overall Performance: AMD achieved a revenue of $9.25 billion in the third quarter of 2025, a year-on-year increase of 35.6%, exceeding market expectations ($8.74 billion). The year-on-year growth in revenue was mainly driven by the client and gaming business, as well as the data center business. The company's gross margin (GAAP) for this quarter was 51.7%, an increase of 1.6 percentage points year-on-year...