---
title: "The headline is AMD’s $11.2B guide. The filing is a 160M-share warrant at $0.01 — Aug 4 data-center wave (AMD, ANET, WDC, GFS, SMCI)"
description: "If you trade Tuesday’s AI-infra prints off headlines, the filings already set the bars: AMD Q1 Data Center $5.8B (+57%) plus a Meta performance warrant for up to 160M shares at a penny; ANET’s 75%-fewer-racks claim; WDC gross margin 45.7%→50.2%; GFS guiding $1.76B; SMCI’s >$60B orders with a cancellable-orders caveat. Research, not tips."
canonical: https://evidinvest.com/blog/aug4-2026-data-center-earnings-preview-amd-anet-wdc-gfs-smci-2026-08-03
date: "2026-08-03"
last_updated: "2026-08-03"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["AMD", "ANET", "WDC", "GFS", "SMCI", "EMR", "ETN", "GLW", "data center", "AI infrastructure", "earnings preview", "SEC filings"]
---

# The headline is AMD’s $11.2B guide. The filing is a 160M-share warrant at $0.01 — Aug 4 data-center wave (AMD, ANET, WDC, GFS, SMCI)

- Published: 2026-08-03
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/aug4-2026-data-center-earnings-preview-amd-anet-wdc-gfs-smci-2026-08-03
- Research, not investment advice.

> If you trade Tuesday’s AI-infra prints off headlines, the filings already set the bars: AMD Q1 Data Center $5.8B (+57%) plus a Meta performance warrant for up to 160M shares at a penny; ANET’s 75%-fewer-racks claim; WDC gross margin 45.7%→50.2%; GFS guiding $1.76B; SMCI’s >$60B orders with a cancellable-orders caveat. Research, not tips.

Here is the gap between the headline and the filing going into Tuesday,
**August 4**: the tape will grade [AMD](https://evidinvest.com/valuation/AMD)
against its **~$11.2B** revenue guide, while the document that actually
re-prices the Meta relationship — an 8-K granting Meta a performance warrant
for up to **160 million AMD shares at $0.01 each** — barely made the headlines.
If you trade [AMD](https://evidinvest.com/valuation/AMD), [Arista](https://evidinvest.com/valuation/ANET),
[Western Digital](https://evidinvest.com/valuation/WDC), or
[GlobalFoundries](https://evidinvest.com/valuation/GFS) into this cluster, the
bars are already on EDGAR. [Emerson](https://evidinvest.com/valuation/EMR) and
[Amtech](https://evidinvest.com/valuation/ASYS) share the calendar;
[Super Micro](https://evidinvest.com/valuation/SMCI) dropped a July 21
preliminary update (full call **August 11**);
[Eaton](https://evidinvest.com/valuation/ETN) and
[Corning](https://evidinvest.com/valuation/GLW) just reported — confirmed stack
context, not tomorrow’s mystery.

This is research, not investment advice. If you want a price target, wrong
page. Figures from SEC Exhibit 99.1 / 8-K / 10-Q / 6-K filings.

## Who prints when (this wave)

| Ticker | Status | Last filed checkpoint |
| --- | --- | --- |
| **[AMD](https://evidinvest.com/valuation/AMD)** | **Aug 4** | Q1 FY2026 Ex 99.1 (May 5) — set ~$11.2B Q2 guide |
| **[ANET](https://evidinvest.com/valuation/ANET)** | **Aug 4** | Q1 Ex 99.1 (May 5) — guided ~$2.8B Q2 |
| **[WDC](https://evidinvest.com/valuation/WDC)** | **Aug 4** | Q3 FY26 Ex 99.1 (Apr 30) — guided Q4 ~$3.65B |
| **[GFS](https://evidinvest.com/valuation/GFS)** | **~Aug 4 window** | Q1 6-K (May 5) — guided Q2 ~$1.76B |
| **[EMR](https://evidinvest.com/valuation/EMR)** | **Aug 4** | FY Q2 Ex 99.1 (May 5) |
| **[ASYS](https://evidinvest.com/valuation/ASYS)** | **Aug 4** | Prior Ex 99.1 (May 7) |
| **[SMCI](https://evidinvest.com/valuation/SMCI)** | Prelims Jul 21; **call Aug 11** | FQ4 prelim business update |
| **[ETN](https://evidinvest.com/valuation/ETN)** | **Already** Jul 31 | Q2 record sales + DC power M&A |
| **[GLW](https://evidinvest.com/valuation/GLW)** | **Already** Jul 28 | Optical Comms +32%; Enterprise +65% |
| **[SWKS](https://evidinvest.com/valuation/SWKS) / [QRVO](https://evidinvest.com/valuation/QRVO)** | **Already** Jul 28 | Mobile RF — same week, different thesis |

## AMD — Data Center is the company now

Q1 FY2026 Exhibit 99.1 (accession `0000002488-26-000072`, May 5):

| Line | Amount |
| --- | ---: |
| Revenue | **$10.3B** (+38% YoY) |
| GAAP gross margin | **53%** |
| GAAP operating income | **$1.5B** |
| Diluted EPS | **$0.84** |
| **Data Center** | **$5.8B** (+**57%**) |
| Client + Gaming | **$3.6B** (+23%) |
| Embedded | **$873M** (+6%) |
| **Q2 revenue guide** | **~$11.2B ± $300M** (~+46% YoY, ~+9% QoQ) |
| Q2 non-GAAP GM guide | **~56%** |

Lisa Su: Data Center is “the primary driver of our revenue and earnings growth,”
with inferencing / agentic AI lifting CPUs and accelerators.

### The Meta warrant most headlines skipped

An 8-K Item 1.01 (accession `0000002488-26-000045`; detail also in the Q1 10-Q,
`0000002488-26-000076`) discloses a performance warrant granting Meta the right
to buy up to **160 million AMD shares at $0.01 per share**. Vesting starts with
Meta’s first **1 GW** of Instinct purchase commitments; full vesting requires
**6 GW**, with stock-price hurdles escalating to **$600 per share** for the
final tranche. Exercisable through **February 23, 2031** — and **none had
vested as of March 28, 2026**. The structural read: Meta demand is real but
milestone-gated, and the dilution arrives only if the gigawatts do. OpenAI sits
alongside as the second hyperscaler anchor — a multiyear agreement for up to
**6 GW** of Instinct (per the DEF 14A / 10-K).

**Aug 4 scorecard:** (1) revenue vs the **$11.2B** mid-point, (2) Data Center
still near +50% territory, (3) Instinct vs EPYC mix, (4) GM path toward mid-50s
non-GAAP, (5) any Meta / OpenAI gigawatt-commitment progress on the call — that
is what moves the warrant math.

## Arista — AI networking at 35% growth

Q1 Exhibit 99.1 (accession `0001596532-26-000074`, May 5):

| Line | Amount |
| --- | ---: |
| Revenue | **$2.709B** (+**35.1%** YoY) |
| Operating cash flow | **$1.69B** |
| Non-GAAP diluted EPS | **$0.87** |
| GAAP / non-GAAP op. margin | **42.7%** / higher on non-GAAP |
| **Q2 guide** | Rev **~$2.8B**; non-GAAP op. margin **46–47%**; non-GAAP EPS **~$0.88** |

Deferred revenue sat near **$4.9B** current + **$1.3B** non-current. The
product tell is the XPO MSA: the release claims it can “reduce networking racks
by up to **75%** and save up to **44%** of floor space” versus pluggable
optics — the density claim Tuesday should extend or qualify.

**Aug 4 scorecard:** guide vs Street; AI/cloud vs campus mix; deferred revenue
conversion; margin hold in the mid-40s non-GAAP; XPO MSA traction.

## Western Digital — storage cycle with 50%+ margins

Q3 FY2026 (quarter ended April 3) Exhibit 99.1 (accession `0001628280-26-028878`,
Apr 30):

| Line | Amount |
| --- | ---: |
| Revenue | **$3.34B** (+**45%** YoY) |
| GAAP / non-GAAP gross margin | **50.2% / 50.5%** |
| Non-GAAP diluted EPS | **$2.72** |
| Free cash flow | **$978M** |
| **Q4 guide** | Rev **$3.65B ± $100M**; non-GAAP GM **51–52%**; non-GAAP EPS **$3.25 ± $0.15** |

The margin trajectory is the story: GAAP gross margin stepped from **45.7%** in
fiscal Q2 to **50.2%** in Q3 — volume *and* pricing power in one line. Grade
Tuesday against the Q4 guide, and against whether that GM step-up compounds or
was the peak.

## GlobalFoundries — specialty foundry into the same racks

Q1 2026 6-K Exhibit (accession `0001709048-26-000111`, May 5):

| Line | Amount |
| --- | ---: |
| Revenue | **$1.634B** |
| GAAP / non-IFRS gross margin | **27.6% / 29.0%** |
| Non-IFRS diluted EPS | **$0.40** |
| Non-IFRS adjusted EBITDA | **$561M** |
| **Q2 guide (mid)** | Net revenue **$1,760 ± $25M**; non-IFRS GM **~28.5% ± 100 bps** |

CEO Tim Breen said results were at or above the high end of prior guidance.
CPO / detachable fiber interface work shows up in the technology narrative —
relevant next to Corning’s optical print.

## Super Micro — prelim already on the tape (call Aug 11)

July 21 Exhibit 99.1 preliminary update (accession `0001375365-26-000019`):

| Prelims (FQ4 FY2026 ended Jun 30) | Amount |
| --- | ---: |
| Revenue | Near **low end** of prior **$11.0–12.5B** guide |
| GAAP & non-GAAP gross margin | **15–17%** vs prior guide **8.2–8.4%** (mix) |
| New orders in the quarter | **>$60B** |
| Full results webcast | **Aug 11, 5pm ET** |

Read the fine print before the number: the same release cautions that some of
these orders may not represent firm commitments and may be cancellable. Do not
treat Tuesday as SMCI day. Do treat the **>$60B** claim — and how much of it is
firm — as the debate the Aug 11 call must settle.

## Emerson — automation check into the same Tuesday

FY Q2 (ended Mar 31) Exhibit 99.1 (May 5): Intelligent Devices and Control
Systems held low-single-digit growth; company guided **Q3** net sales ~**5.5%**
(underlying ~**5%**) and EPS **$1.22–$1.27**, with **FY2026** net sales ~**4.5%**
(underlying ~**3%**) and EPS **$4.79–$4.89**. Capital return frame: ~**$2.2B**
(repurchases + dividends). Tuesday is whether underlying growth holds as
process/automation demand digests the AI capex cycle.

## Just-reported stack context (not tomorrow’s print)

**Eaton (Jul 31):** Q2 sales **$8.5B** (+21%; +14% organic); Electrical Americas
orders +**41%** on a twelve-month rolling average. The M&A stack is now sized:
**Boyd Thermal** (data-center thermal) closed **March 12, 2026** for **$9.55B**
net of cash, and **Fibrebond** (modular power enclosures) around
**$1.43–1.45B** — roughly $11B aimed at the data-center power-and-cooling
layer. Adj. EPS guide raised to **$13.40–$13.60**.

**Corning (Jul 28, accession `0000024741-26-000253`):** Optical Communications
sales **$2.07B** (+**32%**); Enterprise Networks +**65%** with Gen AI products
“growing significantly faster.” Two anchor deals in the release: a **multiyear,
multibillion-dollar** optical agreement with **Amazon**, and an **NVIDIA**
partnership under which Corning expands US optical connectivity manufacturing
**10x** and US fiber production by **more than 50%**. Q3 guide: core sales
**$4.9–5.0B** (~+16%), core EPS **$0.85–0.89** (~+28%).

**[Skyworks](https://evidinvest.com/valuation/SWKS) / [Qorvo](https://evidinvest.com/valuation/QRVO) (Jul 28):** mobile RF fiscal prints — same calendar week,
different end-market. Useful only as “not every semi is a data-center semi.”

**[Amtech](https://evidinvest.com/valuation/ASYS):** small wafer/front-end equipment name on the Aug 4 list —
grade vs the May 7 Exhibit 99.1 run-rate, not vs [AMD](https://evidinvest.com/valuation/AMD).

## One scoreboard for Tuesday

1. **[AMD](https://evidinvest.com/valuation/AMD)** — clear the **~$11.2B** guide, and listen for gigawatt-commitment
   progress that starts vesting the Meta warrant.
2. **[ANET](https://evidinvest.com/valuation/ANET)** — hold mid-40s non-GAAP margins while AI networking scales; extend
   the 75%-fewer-racks XPO claim into orders.
3. **[WDC](https://evidinvest.com/valuation/WDC)** — prove the 45.7%→50.2% GM step-up was a trend, not a peak.
4. **[GFS](https://evidinvest.com/valuation/GFS)** — specialty foundry growth without blowing the margin guide.
5. **[EMR](https://evidinvest.com/valuation/EMR)** — underlying growth still in the mid-single digits.
6. **Read [ETN](https://evidinvest.com/valuation/ETN)/[GLW](https://evidinvest.com/valuation/GLW) as confirmed demand** in power and fiber — Boyd at $9.55B and
   Corning’s Amazon/NVIDIA agreements are the stack voting with capital.

Headlines move prices; filings size the exposure. Live multiples:
[AMD](https://evidinvest.com/valuation/AMD) ·
[ANET](https://evidinvest.com/valuation/ANET) ·
[WDC](https://evidinvest.com/valuation/WDC) ·
[GFS](https://evidinvest.com/valuation/GFS) ·
[SMCI](https://evidinvest.com/valuation/SMCI) ·
[EMR](https://evidinvest.com/valuation/EMR) ·
[ASYS](https://evidinvest.com/valuation/ASYS) ·
[ETN](https://evidinvest.com/valuation/ETN) ·
[GLW](https://evidinvest.com/valuation/GLW).

## Primary sources

AMD Q1 Ex 99.1:
https://www.sec.gov/Archives/edgar/data/2488/000000248826000072/q12026991.htm
(`0000002488-26-000072`).

AMD 8-K Item 1.01 (Meta warrant):
https://www.sec.gov/Archives/edgar/data/2488/000000248826000045/
(`0000002488-26-000045`); warrant detail also in the Q1 10-Q
(`0000002488-26-000076`).

ANET Q1 Ex 99.1:
https://www.sec.gov/Archives/edgar/data/1596532/000159653226000074/ex991q126-earningsrelease.htm
(`0001596532-26-000074`).

WDC Q3 FY26 Ex 99.1:
https://www.sec.gov/Archives/edgar/data/106040/000162828026028878/a4ex991-pressreleaseq326.htm
(`0001628280-26-028878`).

GFS Q1 6-K Ex:
https://www.sec.gov/Archives/edgar/data/1709048/000170904826000111/globalfoundries1q2026earni.htm
(`0001709048-26-000111`).

SMCI FQ4 prelim:
https://www.sec.gov/Archives/edgar/data/1375365/000137536526000019/fq42026businessupdate.htm
(`0001375365-26-000019`).

GLW Q2 press release:
https://www.sec.gov/Archives/edgar/data/24741/000002474126000253/
(`0000024741-26-000253`).

EMR / ETN Exhibit 99.1 releases as cited above (May 5 / Jul 31).

**First step:** before Tuesday’s open, spend five minutes in AMD’s 8-K Item
1.01 (`0000002488-26-000045`) and read the warrant vesting schedule — then
you’ll know exactly what any “Meta expansion” headline is worth.

Research, not investment advice.

---

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