While many people don't want to rush through time, many look forward to retirement, when they can put work either completely aside or on the back burner. In either case, retiring doesn't mean you have to quit earning money. If you claim Social Security before your full retirement age, however, you'll need to monitor how much you earn if you continue working, or you'll be subject to Social Security...
While many people don't want to rush through time, many look forward to retirement, when they can put work either completely aside or on the back burner. In either case, retiring doesn't mean you have to quit earning money. If you claim Social Security before your full retirement age, however, you'll need to monitor how much you earn if you continue working, or you'll be subject to Social Security's retirement earnings test (RET). Every approaching retiree should be aware of the RET, but especially if you're retiring midyear, because it has different implications. How much can you earn before being subject to the RET? If you won't reach your full retirement age in 2026, the earnings limit is $24,480. Earning above that amount will reduce your benefits by $1 for every $2 you earn over it. For example, if you were to earn $10,000 over, your annual benefit would be reduced by $5,000. If you hit your full retirement age in 2026, the limit is $65,160. Earning above that amount will reduce your benefits by $1 for every $3 over that amount. For instance, going over the limit by $15,000 would reduce your annual benefit by $5,000. The annual limit is based on changes in the national average wage index, so they generally increase each year (with a couple of exceptions). Last year, the limits were $23,400 and $62,160, respectively. So, what happens if you retire midyear? Many people find themselves retiring midyear, having received months of paychecks and potentially exceeding the earnings limits. To assist people who retire midyear, the SSA uses a monthly limit rather than an annual one. This year, it's $2,040 per month if you're under full retirement age for all of 2026, and $5,430 if you reach full retirement age this year. The major difference between the monthly and annual thresholds is that your benefits aren't gradually reduced if you earn above the monthly limit -- it's a cliff. Earning even $1 above it generally means "losing" your check for the month. The same applie...
Key Points Investing in the market consistently over time can lead to millionaire status. You can supercharge your investments and minimize your risk by diversifying your ETFs. A curated investment portfolio offers the greatest chances of gains. 10 stocks we like better than Vanguard S&P 500 ETF › The earlier you invest in the stock market, the more time you have for your funds to grow and reach $...
Key Points Investing in the market consistently over time can lead to millionaire status. You can supercharge your investments and minimize your risk by diversifying your ETFs. A curated investment portfolio offers the greatest chances of gains. 10 stocks we like better than Vanguard S&P 500 ETF › The earlier you invest in the stock market, the more time you have for your funds to grow and reach $1 million by the time you retire. But even if you start late, investing consistently can help you reach your retirement goals. Here are three general paths to millionaire status that can be customized to meet your specific needs and background. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » 1. Invest in the market The easiest way to become a millionaire by retirement is to invest in the market. There are multiple ways to do that, but the most popular is the Warren Buffett-approved S&P 500 exchange-traded fund (ETF). Berkshire Hathaway has had positions in two ETFs that track the S&P 500: the original State Street SPDR ETF (NYSEMKT: SPY), which was the first ETF created, and the Vanguard S&P 500 ETF (NYSEMKT: VOO), the largest ETF in the world, with more than $1.6 trillion in assets. The theory is that by investing in a fund that tracks the market, you benefit from market gains without having to do the work of picking stocks and sweating over their performance. It's also cheap, since ETFs that track the market generally have low expense ratios. The S&P 500 has gained an annualized average of around 11% for the past 40 years. Theoretically, you could have invested only in such an ETF (although that's only in theory, since these ETFs didn't exist 40 years ago) and already be a millionaire, depending on how much you invested monthly or annually. Here's an example. If you started your investment with $10,000 ...
NVIDIA (NASDAQ:NVDA - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports. Other research analysts have also issued research reports about the stock. Evercore restated an "outperform" rating and set a $413.00 price target (up from $352.00) on shares...
NVIDIA (NASDAQ:NVDA - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports. Other research analysts have also issued research reports about the stock. Evercore restated an "outperform" rating and set a $413.00 price target (up from $352.00) on shares of NVIDIA in a research note on Thursday. Wolfe Research restated an "outperform" rating and set a $275.00 price target on shares of NVIDIA in a research note on Thursday. Rosenblatt Securities restated a "buy" rating and set a $325.00 price target on shares of NVIDIA in a research note on Thursday. Jefferies Financial Group restated a "buy" rating and set a $300.00 price target (up from $275.00) on shares of NVIDIA in a research note on Thursday. Finally, The Goldman Sachs Group restated a "buy" rating and set a $285.00 price target (up from $250.00) on shares of NVIDIA in a research note on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, forty-eight have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $303.27. Get NVIDIA alerts: Sign Up View Our Latest Stock Report on NVDA NVIDIA Trading Down 1.9% NASDAQ NVDA opened at $215.33 on Thursday. The company has a quick ratio of 3.24, a current ratio of 3.44 and a debt-to-equity ratio of 0.04. The firm has a market cap of $5.21 trillion, a PE ratio of 32.98, a price-to-earnings-growth ratio of 0.68 and a beta of 2.25. The company has a 50 day moving average price of $196.10 and a 200 day moving average price of $189.06. NVIDIA has a 52 week low of $129.16 and a 52 week high of $236.54. NVIDIA (NASDAQ:NVDA - Get Free Report) last posted its quarterly earnings data on Wednesday, May 20th. The computer hardware maker reported $1.87 EPS for the quarter, t...
Hong Kong developers sold most of the more than 120 new flats made available to homebuyers on Saturday as the local residential market continues its recovery on the back of improving China–US relations and talent flows into the city. By 12.30pm Saturday, Sun Hung Kai Properties (SHKP) had sold all 87 units on offer at the Lime Spark project in Tsuen Wan in the New Territories, with one buyer spend...
Hong Kong developers sold most of the more than 120 new flats made available to homebuyers on Saturday as the local residential market continues its recovery on the back of improving China–US relations and talent flows into the city. By 12.30pm Saturday, Sun Hung Kai Properties (SHKP) had sold all 87 units on offer at the Lime Spark project in Tsuen Wan in the New Territories, with one buyer spending more than HK$40 million (US$5.1 million) to purchase six two‑bedroom units, according to Midland Realty and Centaline Property. Separately, Henderson Land Development found 19 buyers for the 35 units on offer at its Highwood Phase 2 project in To Kwa Wan, Kowloon, as of 4.50pm. Hong Kong’s property market has remained strong in May, with around 2,500 primary transactions expected for the full month,” said Louis Chan Wing-kit, chief executive of Centaline Property. He attributed the positive mood to improving China-US relations, solid economic data and Hong Kong government policies that encourage the inflow of talent and students to the city. Advertisement Chan was upbeat about the residential market for the rest of the year. SHKP’s latest round of sales followed two batches of sold-out units it launched at Lime Spark earlier this month. Advertisement In the latest round, Hong Kong’s largest developer by market capitalisation priced the units, with saleable areas of 361 sq ft to 364 sq ft, from HK$6.35 million to HK$7.29 million after discounts. Separately, at Henderson’s Highwood Phase 2, flats with sizes ranging from 265 sq ft to 512 sq ft, were priced from HK$5.43 million to HK$12 million after discounts.
The S&P 500 is up 8% year to date, driven by artificial intelligence (AI). For example, the Global X Artificial Intelligence & Technology ETF is up about 19% this year, outpacing the broader market. No one knows today whether the trend will boom and then bust, or stick around forever, but smart investors should make sure to diversify into other growth spaces, too. If you're looking for an excellen...
The S&P 500 is up 8% year to date, driven by artificial intelligence (AI). For example, the Global X Artificial Intelligence & Technology ETF is up about 19% this year, outpacing the broader market. No one knows today whether the trend will boom and then bust, or stick around forever, but smart investors should make sure to diversify into other growth spaces, too. If you're looking for an excellent growth stock outside of AI and you have $500 to invest, consider Dutch Bros (BROS 2.65%). It could be the ultimate growth stock to buy with $500. It's fast-growing The first thing you want to see in a top growth stock is that it's growing. Dutch Bros has been growing rapidly since it went public five years ago, and growth has been accelerating. The growth is coming from a combination of new stores and higher comparable sales (comps). The comps piece was looking iffy for a while when inflation started rising, but the company has been able to get past that by keeping its prices low, increasing its brand awareness, and rolling out a new rewards program. Metric Q2 25 Q3 25 Q4 25 Q1 26 Revenue growth 28% 25% 29% 31% Comps growth 6.1% 5.7% 7.7% 8.3% It has tons of future opportunities A main component of the company's growth strategy is expansion. Dutch Bros had about 500 stores when it went public in 2021, and it doubled that in four years. It's looking to double again by 2029, reaching 2,029 stores. The company is already in 25 states as of the end of the first quarter, and it plans to enter more states and reach 7,000 stores over time. It's profitable A top growth stock should be profitable, since that's the basis of confidence that it can succeed in the long term. Dutch Bros has been reporting higher profits, with a 26% increase in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter, and net income of $23.7 million, up from $22.5 million last year. Expand NYSE : BROS Dutch Bros Today's Change ( -2.65 %) $ -1.42 Current Pric...
Workday’s NASDAQ: WDAY reported strong Q1 earnings and guidance, which should not be too surprising, as the AI-driven SaaS apocalypse isn’t quite what it was made out to be. Utility-providing platforms such as Workday are leaning hard into AI; AI applications are in increasing demand, and business is good. Workday Today WDAY Workday $128.14 +6.29 (+5.16%) 52-Week Range $110.36 ▼ $257.09 P/E Ratio ...
Workday’s NASDAQ: WDAY reported strong Q1 earnings and guidance, which should not be too surprising, as the AI-driven SaaS apocalypse isn’t quite what it was made out to be. Utility-providing platforms such as Workday are leaning hard into AI; AI applications are in increasing demand, and business is good. Workday Today WDAY Workday $128.14 +6.29 (+5.16%) 52-Week Range $110.36 ▼ $257.09 P/E Ratio 40.04 Price Target $189.48 Add to Watchlist For Workday, as evidenced by the post-release stock price action, a likely outcome is a stock price rebound, potentially including the full recovery of lost shareholder value. In this scenario, WDAY's stock price could return to the upper end of its long-term trading range, adding more than 100% to its stock price. Get Workday alerts: Sign Up Valuation metrics suggest the 100% stock price target is an easy reach. The company traded at only 11X its current-year outlook ahead of its recent earnings release, and the results were better than expected. Looking ahead, the longer-term forecasts are also likely to be cautious, placing this stock at only 7X its 2030 adjusted earnings per share (EPS). This could open the door to a 200% to 300% increase in the stock price over the next few years. The only thing WDAY needs to do is continue executing its strategy and grow in line with the outlook. Workday’s strategy is solid, comprising a multicloud/crosscloud ecosystem. While it doesn’t integrate directly with major AI models, its platform enables 3rd-party interaction, including the application of agentic AI. The company also provides numerous organic AI tools that help unlock enterprise value, including more than 120 proprietary AI models with specialized focus, the Agent Partner Network, and the Agent System of Record. The Agent Partner Network links WDAY platform tools with major service providers, including Amazon NASDAQ: AMZN, Microsoft NASDAQ: MSFT, and Alphabet NASDAQ: GOOGL, while the Agent System of Record integrates 3rd-party appl...
Drugs, sex, scorpions, breakdowns … a summer trip in Greece goes diabolically wrong in the BBC’s immaculate new show that will give you a well-earned break from bad TV Hell is other people. But a fortnight’s summer holiday in a Greek island villa with three pals you have known since university, the young second wife of one of them, your depressive husband and the mulish French nanny the second wif...
Drugs, sex, scorpions, breakdowns … a summer trip in Greece goes diabolically wrong in the BBC’s immaculate new show that will give you a well-earned break from bad TV Hell is other people. But a fortnight’s summer holiday in a Greek island villa with three pals you have known since university, the young second wife of one of them, your depressive husband and the mulish French nanny the second wife has hired to look after her foul child, is surely the innermost circle of it. Such is the diabolical situation in which Zoe (Jessica Raine) finds herself in Two Weeks in August, an utterly convincing and wholly compelling – in an “if somebody doesn’t push at least three-quarters of these credibly appalling individuals into the sea soon then I will clamber through the screen and do it myself” kind of way, which is the best kind of way – blackly comic drama exquisitely written by Catherine Shepherd, immaculately directed by Tom George and Matthew Moore and perfectly played by the whole cast. Continue reading...
Fiction Fiction The Emperor of Gladness Ocean Vuong Ocean Vuong’s second novel is a 416‑page tour of the edgeland between aspirational fantasy and self-deception. It opens with a long slow pan over the fictional small town of East Gladness, Connecticut, beginning with ghosts that rise “as mist over the rye across the tracks” and ending on a bridge where the camera finds a young man called Hai –“19...
Fiction Fiction The Emperor of Gladness Ocean Vuong Ocean Vuong’s second novel is a 416‑page tour of the edgeland between aspirational fantasy and self-deception. It opens with a long slow pan over the fictional small town of East Gladness, Connecticut, beginning with ghosts that rise “as mist over the rye across the tracks” and ending on a bridge where the camera finds a young man called Hai –“19, in the midnight of his childhood and a lifetime from first light” – preparing to drown himself. Instead of jumping from the bridge, Hai crosses it, to be adopted on the other side by 82-year-old Grazina, a woman suffering mid‑stage prefrontal lobe dementia. He will become her proxy grandson; they will be each other’s support in a crap world. It will be a disordered but productive relationship. Grazina, born in Lithuania, “an old country, far away”, lives on a street known locally as the Devil’s Armpit, takes 14 pills a day, and always eats Stouffer’s Salisbury Steak for dinner. She needs a carer; Hai, a pillhead in remission but longing to be back in the arms of opioids, needs a more constructive narrative of himself. Between them they invent a role-playing game to bring her down from the destabilising hallucinations and insomniac panics of her disease. Then, as she sleeps, he quietly ransacks her cupboards for prescription medicines. This is a huge novel in terms of where it directs our attention: from gay self-discovery to the uses of fiction; from the industrial farming of animals to the drive to write yourself free of the parental experience. It’s heartbreaking, heartwarming yet unsentimental, and savagely comic all at the same time. M John Harrison £8.49 (RRP £9.99) – purchase at the Guardian bookshop Fiction Katabasis RF Kuang In Katabasis, hell is not a roiling pit of fire, it’s worse: “Hell is a campus.” Cambridge postgrads Alice Law and Peter Murdoch are here on a quest. They’re searching for their thesis supervisor, the recently deceased Professor Jacob Grimes. ...
The Invesco S&P 500 High Dividend Low Volatility ETF (NYSEARCA:SPHD) sends income to shareholders every month, with distributions rising roughly 23% in 2025 and 2026 monthly payouts climbing to around $0.208 per share, with a current 30-day SEC yield of 4.5%. The question is whether that income rests on a durable foundation or whether recent ... SPHD Pays Monthly Income Without Fail Since 2012; He...
The Invesco S&P 500 High Dividend Low Volatility ETF (NYSEARCA:SPHD) sends income to shareholders every month, with distributions rising roughly 23% in 2025 and 2026 monthly payouts climbing to around $0.208 per share, with a current 30-day SEC yield of 4.5%. The question is whether that income rests on a durable foundation or whether recent ... SPHD Pays Monthly Income Without Fail Since 2012; Here’s What Could Break the Streak
The earlier you invest in the stock market, the more time you have for your funds to grow and reach $1 million by the time you retire. But even if you start late, investing consistently can help you reach your retirement goals. Here are three general paths to millionaire status that can be customized to meet your specific needs and background. 1. Invest in the market The easiest way to become a mi...
The earlier you invest in the stock market, the more time you have for your funds to grow and reach $1 million by the time you retire. But even if you start late, investing consistently can help you reach your retirement goals. Here are three general paths to millionaire status that can be customized to meet your specific needs and background. 1. Invest in the market The easiest way to become a millionaire by retirement is to invest in the market. There are multiple ways to do that, but the most popular is the Warren Buffett-approved S&P 500 exchange-traded fund (ETF). Berkshire Hathaway has had positions in two ETFs that track the S&P 500: the original State Street SPDR ETF (SPY +0.45%), which was the first ETF created, and the Vanguard S&P 500 ETF (VOO +0.40%), the largest ETF in the world, with more than $1.6 trillion in assets. The theory is that by investing in a fund that tracks the market, you benefit from market gains without having to do the work of picking stocks and sweating over their performance. It's also cheap, since ETFs that track the market generally have low expense ratios. The S&P 500 has gained an annualized average of around 11% for the past 40 years. Theoretically, you could have invested only in such an ETF (although that's only in theory, since these ETFs didn't exist 40 years ago) and already be a millionaire, depending on how much you invested monthly or annually. Here's an example. If you started your investment with $10,000 and added only $100 monthly, you'd have more than $1.3 million after 40 years. So if you started when you were 25, you could easily retire at 65 as a millionaire with no other investments. 2. Diversify through ETFs If you don't have 40 years to wait and you want to be a bit more aggressive in your investments, you can invest in growth ETFs that come with some more risk, but are still quite low-risk. Although many of them aren't as heavily diversified as those that track the S&P 500, if you invest in a few of them, you...
Representative Image “clear and serious breach” “I have not been provided with any acceptable explanation for this failure, which I regard as a clear and serious breach of the applicable procedural requirements.” “legal and reputation risks” “The decision by Mopac is disappointing. We need to modernise and use the very best technology available. We must be able to innovate at a faster rate than ho...
Representative Image “clear and serious breach” “I have not been provided with any acceptable explanation for this failure, which I regard as a clear and serious breach of the applicable procedural requirements.” “legal and reputation risks” “The decision by Mopac is disappointing. We need to modernise and use the very best technology available. We must be able to innovate at a faster rate than hostile states and organised criminals. For now, this decision prevents us using technology already available to the MoD, the NHS and other police forces,” Why London wants tighter scrutiny over Palantir and Met Police deal “even more important that robust processes are followed when awarding contracts as large as £25m a year”, “In general terms, what you’re allowing is these private companies to almost have a loss leader, so they give you a good deal or something for nothing for a short bit of time [and] you can become reliant upon them.” “Without new technology, delivered at pace, we will be forced to make further tough choices that cannot avoid reducing officer numbers, impacting our service to London and our ability to keep the capital safe,” “ramp up use of AI” “at pace and scale”. “We are proud of that work and stand ready to further support law enforcement across the UK,” “continue to pursue every avenue to resolve this issue swiftly”. London Mayor Sadiq Khan has blocked a proposed £50 million (nearly $67 million) contract between the Metropolitan Police and US technology company Palantir Technologies. For this, a dispute has reportedly emerged between the London mayor’s office and Scotland Yard. According to a report by The Guardian, Khan blocked the deal, citing concerns about procurement procedures and potential legal risks.The proposed agreement would have allowed the Metropolitan Police to use Palantir’s artificial intelligence tools to automate intelligence analysis in criminal investigations. However, the Mayor’s Office for Policing and Crime (Mopac), responsibl...
Key Points The Federal Reserve has cut interest rates six times since September 2024, after defeating the inflation crisis of 2022. However, oil prices are soaring because of the ongoing war between the U.S. and Iran, which just led to the highest inflation reading in three years. Wall Street thinks the Federal Reserve will start raising interest rates again, which could trigger a sharp decline in...
Key Points The Federal Reserve has cut interest rates six times since September 2024, after defeating the inflation crisis of 2022. However, oil prices are soaring because of the ongoing war between the U.S. and Iran, which just led to the highest inflation reading in three years. Wall Street thinks the Federal Reserve will start raising interest rates again, which could trigger a sharp decline in the stock market. 10 stocks we like better than S&P 500 Index › The Consumer Price Index (CPI) measure of inflation hit a 40-year high of 8% in 2022, which far exceeded the U.S. Federal Reserve's annualized target of 2%. As a result, the Fed aggressively increased the federal funds rate (the overnight interest rate) to put the brakes on a red-hot economy at the time. The policy worked because the CPI gradually moved closer to 2% in the years that followed, and the Fed has now cut interest rates six times since September 2024. But that progress is now in jeopardy because of the ongoing war in Iran, which has triggered a spike in energy prices. In fact, the CPI just increased at the fastest rate in three years, and Wall Street now believes an interest rate hike will be the Fed's next move. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue » History suggests rising interest rates could spell trouble for the S&P 500 (SNPINDEX: ^GSPC) stock market index. Oil prices can significantly influence inflation The conflict between the U.S. and Iran led to the closure of the Strait of Hormuz, a critical waterway through which 25% of the world's seaborne oil supply transits every day. Despite a ceasefire and ongoing negotiations to permanently end the war, Iran continues to disrupt the Strait's commercial shipping lanes, so the price of a barrel of West Texas Intermediate oil is still trading above $100, roughly 85% higher...
西部数据规划了ePMR与HAMR并行发展的五年技术路线图。 “我们的目标非常明确:让客户能够更轻松地释放数据的全部潜力。”在西部数据的客户创新日上,西部数据首席产品官 Ahmed Shihab表示,AI基础设施的本质正在发生根本性转变——它不再仅仅是算力的堆砌,而是一个庞大的长期数据系统。从模型训练、推理,到智能体AI和物理AI,每一种工作负载都在持续生产并不断累积数据。 AI数据流转的每一个环节...
The numbers for full-year 2025 were generally solid across the board. Revenue increased to $34.64 billion in 2025, up 34.3% from $25.79 billion in 2024, GAAP net income more than doubled to $4.33 billion compared with $1.64 billion a year earlier, and free cash flow climbed from $2.4 billion to $5.52 billion, with the free cash flow margin widening from 9% to 16%, all within the span of one calend...
The numbers for full-year 2025 were generally solid across the board. Revenue increased to $34.64 billion in 2025, up 34.3% from $25.79 billion in 2024, GAAP net income more than doubled to $4.33 billion compared with $1.64 billion a year earlier, and free cash flow climbed from $2.4 billion to $5.52 billion, with the free cash flow margin widening from 9% to 16%, all within the span of one calendar year, according to AMD's Q4 2025 earnings release. Q4 on its own was unbelievable: $10.27 billion in revenue, a 34% year-over-year increase over the same quarter of the previous year, and $2.08 billion in free cash flow at a 20% margin for the period alone. The rise in cash generation is likely the quietest and most important part of the AMD tale. It is a true change in the earnings profile of the business as a fabless model has operating leverage as Data Center volumes ramp, not just headline revenue growth. AMD delivered Q1 2026 revenue of $10.3 billion, up 38% year-over-year and above the high end of its own guidance. Non-GAAP EPS came in at $1.37, beating consensus of $1.27 by a meaningful margin. Data Center revenue reached $5.8 billion, up 57% year-over-year, with operating income of $1.6 billion. Free cash flow hit a quarterly record of $2.6 billion, roughly tripling from a year earlier. Q2 guidance of $11.2 billion came in well above the $10.5 billion Street consensus, implying 46% year-over-year growth. The business is not merely executing. It is accelerating. Peel back the AI story and AMD is, at its heart, a fabless semiconductor company that designs chips but doesn't make them. Most of the company's production is contracted out to Taiwan Semiconductor Manufacturing Co. (TSM, Financial), giving it a capital-light business model in good times but real supply chain risk in bad ones. The entire product stack runs from EPYC server CPUs and Instinct AI accelerators at the high-end via data centers all the way down to Ryzen desktop and laptop chips on the consumer s...
A prospective owner of Advanced Micro Devices Inc. (AMD, Financial) at about $430 per share is in an odd spot. Shares are up some 70% year to date, the deal sheet now includes OpenAI and Meta Platforms Inc. (META, Financial), and the full-year 2025 results confirmed that the Data Center segment is producing real, growing revenue at genuinely improving margins. However, one of the more straightforw...
A prospective owner of Advanced Micro Devices Inc. (AMD, Financial) at about $430 per share is in an odd spot. Shares are up some 70% year to date, the deal sheet now includes OpenAI and Meta Platforms Inc. (META, Financial), and the full-year 2025 results confirmed that the Data Center segment is producing real, growing revenue at genuinely improving margins. However, one of the more straightforward questions underneath all of that is what an investor is actually paying today, and what needs to happen for that price to be anything other than very hard to justify. What an owner actually owns Peel back the AI story and AMD is, at its heart, a fabless semiconductor company that designs chips but doesn't make them. Most of the company's production is contracted out to Taiwan Semiconductor Manufacturing Co. (TSM, Financial), giving it a capital-light business model in good times but real supply chain risk in bad ones. The entire product stack runs from EPYC server CPUs and Instinct AI accelerators at the high-end via data centers all the way down to Ryzen desktop and laptop chips on the consumer side, along with gaming consoles and embedded industrial applications. Q4 non-GAAP gross margins reached 57% and the company closed 2025 with $10.55 billion in cash and short-term investments against total debt of $3.22 billion. Those are some very good numbers for a business that seemed to be fighting for survival less than a decade ago. A quarter that removed any doubt AMD delivered Q1 2026 revenue of $10.3 billion, up 38% year-over-year and above the high end of its own guidance. Non-GAAP EPS came in at $1.37, beating consensus of $1.27 by a meaningful margin. Data Center revenue reached $5.8 billion, up 57% year-over-year, with operating income of $1.6 billion. Free cash flow hit a quarterly record of $2.6 billion, roughly tripling from a year earlier. Q2 guidance of $11.2 billion came in well above the $10.5 billion Street consensus, implying 46% year-over-year growth. The ...