Home Earnings Analysis Tech  Summary Advanced Micro Devices, Inc. delivered a double beat in Q1, with 38% revenue growth and strong data center performance, but lagged NVIDIA's growth rate. AMD's data center revenues surged 57% year-over-year, driven by hyperscaler demand and AI investments, while client/gaming and embedded segments underperformed. Gross margin expanded to 55%, yet operating expenses rose over 40%, limiting operating leverage and profit growth potential. Despite a positive Q2 outlook, AMD trades at a steep 55x earnings multiple, making shares unattractive after a 200%+ rally; I remain neutral. Looking for a helping hand in the market? Members of Cash Flow Club get exclusive ideas and guidance to navigate any climate. Learn More » Alexander Sikov/iStock via Getty Images Article Thesis Advanced Micro Devices, Inc. ( AMD ) reported its most recent earnings results on Tuesday, beating estimates on both lines.…