Squawk on the Street AMD Sinks on Results, Treasury Secretary Bessent Testifies on Capitol 2/4/26
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Feb 4, 2026 
Scott Bessent, U.S. Treasury Secretary testifying on regulation and financial stability. Lisa Su, AMD CEO, on results and AI/data center trends. Stacey Rasgon, Bernstein semiconductor analyst, on chip cycles and market positioning. They discuss AMD's guidance hit, AI-driven memory demand, regulatory tailoring for community banks, and heated Capitol questioning on tariffs and policy.
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AMD's Rally Needs Big AI Deals
- AMD delivered solid results but the stock fell sharply on mixed guidance and high expectations.
- Stacey Rasgon says the market is waiting for large, material AI customer deals before repricing AMD higher.
Spending Limits EPS Upside
- Bernstein says AMD shows server upside but limited near-term AI traction outside China.
- Rising OPEX and modest EPS leverage temper enthusiasm despite revenue beats.
Scale Matters More Than Many Small Deals
- AMD must land very large-scale customers to hit the aggressive market growth assumptions.
- Rasgon notes incremental deals won't get AMD to the postulated long-term numbers.