The narrative on AMD's MI300X and MI355X has been "good silicon, terrible allocation." That was true through 2025. It's becoming less true. Channel partners are reporting Q2 ship times within stated lead-time windows for the first time, and tier-2 cloud operators that historically couldn't get allocation are placing repeat orders.
The forward curve, where it exists, is starting to flatten. Backwardation has compressed by roughly 4 percentage points quarter-over-quarter. That's consistent with either improving allocation OR softening demand; our read of the OEM order books suggests it's both, in roughly equal measure.
If you've written off MI300X / MI355X as too hard to source, this is the quarter to re-check. Forward contracts are now an option in this corner of the market in a way they weren't six months ago.