AMD

$AMD(AMD.US)

Post 3 Episode 22

Context: What interests me about AMD is that the AI opportunity does not require it to replace NVIDIA. Even a meaningful share of a rapidly expanding accelerator and data-centre market could translate into substantial growth, especially with AMD combining GPUs, CPUs and increasingly rack-scale systems.

My trade: I treated AMD as a strategic challenger position rather than a momentum bet. The thesis is based on improving execution, broader hyperscaler adoption and the possibility that customers increasingly want a credible second source for AI compute. However, I believe better prices for AMD is around the corner so this is just a small position.

Takeaway: An investment thesis does not always need a company to become number one. Sometimes the opportunity lies in identifying the strongest alternative in a market that is growing fast enough to support more than one major winner.

@Captain's Treasure