R
2 days ago, 06:27 AM
The beat itself isn't really in question, 43% ahead of EPS estimates is clean by any standard. What's worth sitting with is the margin math: gross margin down to 17.8% from 21.1% while AI server revenue only grew modestly QoQ despite the backlog headlines. That's the same shape Nvidia and Marvell both printed this cycle, strong top line, compressed profitability per dollar of AI hardware sold. The market has seen this movie three times now in two weeks.
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