AMD actually crushed Q2 - revenue up 50% YoY to $11.54B, EPS beat, Data Center revenue more than doubled. Q3 guide was solid too. Despite the beat, the stock is down ~9% in after-hours trading, driven by a sharp jump in capex.

Technically, we should complete Head & Shoulders top in the next days. The break of the neckline on heavy volume will project a measured-move target near $267, using the head-to-neckline distance.

Levels to watch:
Neckline: $418–432
Downside target: $267