1459 ET - AMD's solid beat-and-raise in the second quarter wasn't enough to woo the market given high expectations for the stock, Benchmark analyst Cody Acree writes in a note. "We believe the reaction reflected a crowded long and a financial bar that had moved materially higher after AMD's Advancing AI event, Intel's stronger-than-expected report and a roughly 15% one-week gain in AMD shares," Acree writes. "Investors required a larger near-term surprise than AMD delivered." Still, Acree writes, the response should be understood as investor positioning rather than wobbles in the company's operating thesis. Shares fall 6.1%.