Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie at my elbow. Let us say at the outset what this report is not: it is not a criticism of Lisa Su, who has engineered one of the finest corporate turnarounds either of us has ever studied, taking a company from near-death in 2015 to $11.5 billion of quarterly revenue and a 54% gross margin. The operating results in the June 2026 10-Q are genuinely spectacular — revenue up 50%, data center revenue up 107%, and a swing from an operating loss a year ago to $2.0 billion of quarterly operating income. Our problem is different, and it is twofold.
Recent filings analysed: 8-K (2026-08-19), 8-K (2026-08-17), FWP (2026-08-13), 10-Q (2026-08-05).
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