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]
Comments