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I remember reading an article on Advanced Micro Devices (AMD) here on Seeking Alpha sometime in 2017 that said, “This is your last chance to buy the stock under $12”, which struck me as both the usual hyperbole to which analysts are prone but also somehow meaningful. Anyway, I probably did buy the stock around then and I probably sold it a little later, and I have no doubt traded in and out a few times since. Which was an error.
Because the correct strategy has been, believe in Lisa Su.
Today AMD is no longer an also-ran, but one of a triumvirate of CPU providers selling into a hot cycle for CPU demand. As inference workloads grow faster than training workloads, CPU cycles are more in demand than GPU (both remain supply constrained, I should say), hence the explosion in stock prices for AMD, ARM (ARM) and Intel (INTC).
AMD’s earnings reported this week were strong, guidance was solid and the stock responded very well. The rocket ride in the semiconductor sector continues, for now.
Here are the numbers.
A very strong quarter.
The guide was for still stronger growth, which if hit would deliver Q2 revenue growth of 46% vs. Q2 2025 and Q2 TTM growth of 38% vs. the same point last year. Remarkable.
You’ll have to pay for this level of performance of course, if you are thinking of buying the stock now.
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of SMH either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Cestrian Capital Research, Inc staff personal accounts hold long position(s) in SMH
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