1. AMD's Data Center segment shows strong growth in AI accelerators and server CPUs, though custom chip competition poses challenges; 2. Client and Gaming segments achieve significant YoY growth with Ryzen gaining market share, while Embedded remains cyclical but recovery-ready; 3. AMD is considered fairly valued with a base-case fair value of $163.95, driven by market expansion and pricing power, prompting a Hold rating with strategic entry/exit price targets.