AMD's Data Center Inflection: What the FCF Numbers Actually Say
Free cash flow tripled in 2025. The market is still pricing in a distant second.
Semiconductors
Advanced Micro Devices designs CPUs and GPUs competing directly with Intel and Nvidia across PC, server, and AI markets.
View forensic reportFree cash flow tripled in 2025. The market is still pricing in a distant second.
The MI300 ramp drove a 15.9% Q4 earnings surprise. The harder question is whether the GPU share story holds at current margins.
Revenue doubled. Operating margins cratered, then began recovering. In 2025, free cash flow nearly tripled. Here is what the numbers actually say.
AMD trades at 77x trailing earnings as a chip company still building its datacenter business. The multiple prices in a future that has not yet arrived.
A 77x trailing P/E that collapses to 30x on forward estimates. What the gap tells you about the bet the market is making.