Advanced Micro Devices Inc (NASDAQ: AMD) delivered a quarter that largely met bullish expectations, yet shares still fell nearly 9% in extended trading following the results. Data center revenue, now the company’s most closely watched segment, more than doubled to $6.7 billion in the quarter. AMD stock had risen 7% during the regular session before reversing sharply in after-hours trading once the results were digested. Supporters characterize that structure as incentive alignment, while skeptics argue it amounts to revenue the supplier has partly funded itself. With shares up nearly 130% year to date and trading at roughly 69 times forward earnings, simply meeting expectations is no longer sufficient to sustain the valuation.