AMD Is a buy. Wait till Naples server, Vega GPU, and Ryzen saturate market. Nowhere to go but up. Oh, and guess where all that market share comes from?
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AMD will do a lot of damage to Intel even without turning into a huge stock price success. Look at ARM - tiny revenue & profit compared to Intel...Intel's been winning on achieving better-than-expected monopoly pricing while missing (internal) volume forecasts for years. Competitive pricing is not priced into Intel stock.
AMD will be stuck on paper thin margins with Ryzen/Naples, all in the interest of gaining market share. Investors aren't going to be friendly with this idea, since just increasing market share won't lead to growth, with low profitablity. AMD isn't Amazon or Facebook or twitter. AMD is relying on good architecture, but does not control process. Intel controls both, and as we saw with Core, can improve architecture to completely overwhelm AMD. In fact Intel already has chips that beat AMD, and cost less to manufacture (no foundry overhead).