The strongest confirmation would be improving earnings guidance across multiple semiconductor segments, including GPUs, memory, networking and optical interconnects. Rising orders, healthier inventories and sustained pricing power would indicate that demand is spreading beyond a handful of AI leaders.

AMD's data-centre growth is encouraging, but its slightly weaker gross margin guidance highlights the importance of profitability. Revenue expansion must eventually translate into stronger operating margins and free cash flow.

I would also monitor hyperscaler capital expenditure, as semiconductor demand remains closely linked to AI infrastructure investment.

Ultimately, a sustainable recovery requires broader earnings participation, improving cash generation and reasonable valuations, rather than relying on one company's exceptional results.