【260409】Intel vs. AMD Comparison

Intel's current stock price is $58.9.

Intel's current valuation = "Future earnings expectations × AI premium × Policy premium × Sentiment premium"

Valuation Comparison Logic (Core Contradiction)

1) Intel

Current Status:

• EPS: Loss or near zero
• PE: Meaningless (negative)
• Forward PE: Approximately 90–100x

Conclusion:

Valuation entirely depends on future profit recovery

Belongs to "Expectation-priced Asset"

2) AMD

Current Status:

• EPS: Approximately $2.6–2.7
• PE: Approximately 80x
• Forward PE: Approximately 25–30x

Conclusion:

High valuation but supported by profits

Belongs to "Growth-priced Asset"

3) Essential Difference in Valuation

Intel: Priced based on the future

AMD: Priced based on current growth

Market Share and Competitive Landscape

Current Structure:

Intel:

• Still dominant in PC (~60%+)
• But losing high-margin markets

AMD:

• Rapid growth in servers (25–30%)
• Grabbing high-margin markets

Conclusion:

Intel holds scale

AMD takes profits

Business Model Difference (Crucial)

Intel:

• IDM model (Design + Manufacturing)
• High capital expenditure
• Foundry transformation (burning cash)

AMD:

• Fabless model
• Relies on foundries (TSMC)
• High profit flexibility

Conclusion:

Intel = Heavy-asset manufacturing industry

AMD = Light-asset tech growth

The Real Driver of Current Stock Price Rise is not fundamentals, but:

1) AI expectations

2) Foundry transformation story

3) Policy support (Made in USA)

4) Imagination for major customers

Core: Capital is betting on the possibility of Intel's successful transformation.

$Intel(INTC.US) $AMD(AMD.US)