Deutsche Bank expects an in-line quarter when AMD (AMD) reports Q1 on April 30. The firm expects cyclical pressures to be offset by artificial intelligence hopes. Fundamentals at AMD will remain “bifurcated” as data center and AI “goodness” is partially offset by ongoing cyclical challenges across Client, Gaming, and Embedded, the analyst tells investors in a research note. Deutsche believes the most anticipated aspect of the quarter will be any update to the company’s 2024 outlook for MI300 revenues. On this metric, it thinks buy-side expectations have recently fallen on the back of suspected order cancellations by Microsoft (MSFT), which are yet to be substantiated, but still are likely at a minimum of $4B. While the “dimming of AI enthusiasm” in recent weeks has presented an “intriguing pullback in AMD shares for some,” the stock remains fairly valued, contends Deutsche Bank.