Advanced Micro Devices Inc

“AMD has become a much stronger business through its expansion in data center and AI, supported by solid management and a healthy balance sheet, but its moat is still developing and the current valuation leaves very little margin of safety. The company can succeed operationally and still deliver weak shareholder returns from this starting price if AI leadership remains concentrated with NVIDIA or if AMD’s long-term margins and ecosystem power fall short of what the market now expects.”