Advanced Micro Devices (AMD): Q326 recap - tempest in a teapot?

AMD's Q3 results were good ($13.4B/$2.09 vs Street $13.1B/$1.97), with Datacenter and Gaming above expectations, Embedded slightly above and Client slightly below. Within Datacenter, both server CPUs and GPUs continue to show strength; within Client, AMD noted PC sell through slowing late in the quarter given memory dynamics. Q4 revenue outlook was strong even as client shortfalls build ($17.0B/~$2.92 vs Street $16.3B/$2.67). The beat is primarily driven by Datacenter, seen up >50% sequentially, probably to ~$12.8B vs. Street at ~$11.5B. Management expects strong server CPUs growth (seen up >20% QoQ) with AI GPUs implied >90% or so QoQ, crossing over server in the quarter and probably reaching ~$7B or so. Client is however seen well below, guided down >20% QoQ and similar to Intel. AMD sees overall sales growth exceeding 80% in 2027, with servers doubling and with datacenter representing over 80% of company revenues, suggesting datacenter sales of ~$80B and GPUs at least into the low t