Advanced Micro Devices Inc

“AMD is one of the best-executed technology turnarounds in semiconductor history, with durable EPYC CPU share gains, accelerating AI GPU revenue, and a pristine balance sheet — but at 95x TTM FCF and a $681B market cap, the stock requires near-perfect multi-year execution to generate adequate returns, NVIDIA's CUDA moat structurally caps the AI GPU upside case, and the OpenAI/Meta warrant dilution is a hidden capital cost; the right action is to track for a 50-60% price correction before establishing a meaningful position.”