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Shares of semiconductor underdog Advanced Micro Devices (NASDAQ:AMD) defied doubters (and gravity) over the last year.

But as we head into a new year, filled with fresh expectations, the question invariably facing AMD is, can AMD do it again? And, thankfully, Investors should get some much-needed insight into AMD's prospects when it reports its Q4 2013 earnings after the bell today.

Lack of clarity
Unfortunately, the investment outlook for AMD is about as hazy as they come.

On one hand, AMD's business remains frustratingly tied to the global PC market, a market that endured perhaps its worst year ever in 2013. For the full year, the PC market shrank 10% last year, and fared only slightly better during the fourth quarter for which AMD will be reporting today.

On the other hand, AMD does have at least one potential high-profile growth driver working in its favor: new consoles. AMD's graphics processors feature prominently in both Microsoft's new Xbox One and Sony's PlayStation 4, both of which should continue to sell well in the year to come.

In the video below, tech and telecom analyst Andrew Tonner discusses several key numbers and story lines that investors should be on the lookout for when AMD reports later today.