$AMD -9pct pre mkt AMD SHARES SLIDE DESPITE EARNINGS BEAT Raymond James said AMD’s Q4 report showed a modest beat and raise, but the stock fell about 8% after hours as investors questioned the quality of the results. Some investors viewed the sales beat as “low quality” because $390 million came from unexpected China sales, making up more than half of the upside. Even excluding China, results were at the high end of guidance. Concerns remain about AMD’s reliance on OpenAI and potential delays in the MI450 ramp, though management said the project is on track. Guidance for Q1 gross margin was around 55%, slightly above expectations, while operating expense guidance caused some confusion but was clarified at $3.05 billion.