AMD outsells Intel in the datacenter space

Please, don't talk about how well AMD is doing! You'll only make the stock price slide another 10%, as night follows day... [irrational market grumbling intensifies]

The market can hardly be called irrational on this. AMD's market value pretty much already priced in that they would take over Intel's place in the datacenter, their valuation is more than double Intel's with a PE of 125, despite them being fabless and ARM gaining ground in the server space. That's why you are seeing big swings in prices, because anything short of "we are bankrupting Intel and fighting Nvidia in the AI accelerator space" is seen as a loss.

> despite them being fabless

That's not how it works. You need to pump money into fabs to get them working, and Intel doesn't have money. If AMD had fabs to light up their money, they would also have a much lower valuation.

The market is completely irrational on AMD. Their 52-week high is ~225$ and 52-week low is ~90$. 225$ was hit when AMD was guiding ~3.5B in datacenter GPU revenue. Now, they're guiding to end the year at 5B+ datacenter GPU revenue, but the stock is ~140$?

I think it's because of how early Nvidia announced Blackwell (it isn't any meaningful volume yet), and the market thinks AMD needs to compete with GB200 while they're actually competing with H200 this quarter. And for whatever reason the market thinks that AMD will get zero AI growth next year? I don't know how to explain the stock price.

Anyway, they hit record quarterly revenue this Q3 and are guiding to beat this record by ~1B next quarter. Price might move a lot based on how AMD guides for Q1 2025.