AMD’s AI Business Is Growing, but the Chart Still Looks TiredAdvanced Micro Devices, Inc.BATS:AMDEvelyn_ReedAMD’s latest numbers were strong. Q2 revenue reached about $11.5 billion, up 50% year over year. Data Center revenue came in at $6.7 billion, more than double last year, and management guided Q3 revenue to roughly $13 billion. That is not a weak business backdrop. Yet the stock is still producing lower highs under a descending trendline. There is another detail I find interesting. The AI story around AMD is no longer only about GPUs. Server CPUs are becoming more important as agentic AI workloads expand, and analysts increasingly see AMD gaining share in that market as well. So the business is broadening while the chart is still compressing lower. For now, the trendline matters more than another good headline. Until AMD can reclaim it and hold above it, the market is still treating rallies with suspicion. The 400–413 area is the larger support below. If price eventually reaches it, the reaction there would tell us much more about longer-term demand than another bounce in the middle of the range. The alternative is straightforward: a clean break above descending resistance would be the first sign that price is finally catching up with the operating momentum. AMD is delivering the growth. The market still wants proof that the valuation can hold it.