Wall Street comments on AMD's earnings report: Operating expenses limit profitability, market focus shifts to AI rack scale in the second half of the year

Most reports on Wall Street believe that while AMD's revenue in Q4 2025 may exceed expectations, the market's focus is on the continuously higher-than-expected operating expenses, which are seen as limiting the release of profitability. The key point shifts to whether the company can achieve market breakthroughs and operational efficiency improvements in the second half of this year with its next-generation rack-level AI products (MI455 series). Investment banks generally maintain a neutral rating, believing that although there is significant growth potential in its data center business, the company's valuation expansion will face constraints until new products are validated and lead to actual profit increases