苏36
11-04 21:57
I would choose AMD for growth, but I wouldn't chase it after an 8% earnings rally.

AMD's 97% data-center revenue growth is impressive, but the more important development is the changing competitive landscape. AI customers increasingly want a second supplier to reduce dependence on Nvidia. AMD doesn't need to replace Nvidia to become a major winner.

However, there's a hidden cost to this expansion. The OpenAI and Meta warrant agreements have already generated a $1.07 billion non-cash charge, while potential future dilution deserves attention.

Nvidia still has the stronger software ecosystem, pricing power and competitive moat. AMD, meanwhile, offers greater catch-up potential but carries higher execution risk.

My strategy would be to hold Nvidia as the quality leader and watch AMD for a better entry point. The biggest opportunity isn't picking the next Nvidia; it's identifying who benefits when Nvidia no longer has the entire market to itself.

@MillionaireTiger [暗中观察]

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