Semiconductors
Advanced Micro Devices designs CPUs and GPUs competing directly with Intel and Nvidia across PC, server, and AI markets.
View forensic reportAMD at 38.5x forward earnings is a proven growth compounder. Intel at 125x is a binary foundry bet. The comparison reveals why the market prices them differently, and why it is right.
Revenue surged 34% to $34.6 billion, free cash flow nearly tripled to $6.7 billion, and the stock just broke to all-time highs on institutional accumulation.
Nvidia trades at 28x forward earnings with 75% data-centre gross margin. AMD trades at 32x with 55%. The multiple gap does not reflect the margin gap.
AMD's EPYC platform is gaining share faster than the headlines suggest. Five points explain why the next 12 months matter more than the last three.
Free 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.