AMD
AMD
Semiconductors
★ Quality 28/100Price today
$477.57
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See what it is worthcharlieapp.co
What this business is made of
Where does the value come from?
5-year cycle
Money made year by year
This business has cycles — good years and bad years. That's why we don't use just the last year.
We use the average of those 5 years as the base for the math — not the good year, not the bad year. That way the value reflects what the company makes steadily.
The business
AMD is the eternal runner-up that still hasn't cracked Nvidia's CUDA wall.
AMD designs CPUs (Ryzen, EPYC) and GPUs (Radeon, Instinct) without its own factories — TSMC does the manufacturing. It charges per chip sold to hyperscalers, OEMs and consumers. Data Center brought in $16.6B (+32%) and now weighs more than the rest combined.
A real duopoly in x86 with Intel and in AI GPUs with Nvidia. The chiplet architecture gave it a cost and performance edge in servers for years. The problem: in AI the moat belongs to CUDA, not AMD — ROCm is still behind.
Revenue history
From $9.8B to $25.8B in 4 years — nearly 2.6x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $34.6B · FY2025
Of every $100 in sales, $87 goes to costs and operations; $13 is left as net profit (13% margin).
Catalysts and risks
MI350 (3nm, 288GB HBM3E) already in volume during 2025.
MI450 launches H2 2026 with NVL72-style rack-scale architecture.
2024 FCF hit $5.5B (+130% YoY), real cash traction.
CUDA keeps developers locked to Nvidia — ROCm still doesn't convince.
Xilinx goodwill ($35B) inflates the balance sheet and crushes GAAP ROCE.
Semis is cyclical: a capex correction at hyperscalers hits the #2 players first.
Charlie's note
“Paying 19.6x for a business growing at 28% isn't excessive, but that 50% gross margin gives away a challenger, not the owner of the moat: in AI it's CUDA that rules, not ROCm. You're paying for the promise of closing that gap, so it's wise to demand a discount and have the patience to wait for it.”
Analysis · May 2026
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