Applied Micro (NASDAQ:AMCC) gave an update on the status on its very hyped 64-bit "X-Gene" server-on-chip processor, which confirms my thesis that the company continues to mislead investors with the "numbers." While I have significantly detailed my short thesis here, and I followed up the piece here, I believe that certain statements made on the conference call and in the earnings release continue to mislead (but wording is carefully chosen so as to keep all statements "factual") investors, and more precisely, the sell-side analysts, both of whom are likely to see this earnings call as a source of renewed optimism for a company that, by all accounts, has given investors no reason to believe them.
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