AI Infrastructure · Equity
Advanced Micro Devices
BGAM™ SCORE
74.4
BGAM-SC-v1.0 total score
Quality (ex-valuation): 80.44
WatchBGAM VIEW
Strong business quality; price and risk assessed together. Position size not determined.
DECISION CONFIDENCE
Orta
VALUATION INDICATOR
GAAP 100.13x / Düzeltilmiş 83.24x — Fiyat / (son çeyrek EPS × 4)
Score Breakdown
Data centre growth is high.
EPYC/Instinct compute alternative.
Product strength exists; platform competition is intense.
Net cash buffer is strong.
CPU/GPU and Helios capability.
Annualised EPS multiple is very high.
FCF is positive; increasing investment burden.
Export restrictions and external manufacturing risk.
New rack systems are scalable.
Revenue and margin execution is strong.
Conditional Scenarios
Conditional analyst scenarios; no numerical terminal price or probability generated. Not a substitute for a full valuation model.
Demand growth slows; margin or multiple pressure limits shareholder return.
Current product and customer position is maintained; growth gradually converts to cash generation.
New product and capacity gains deliver sustainable per-share cash growth.
Investment Drivers
Data centre and EPYC/Instinct growth
Helios delivery and GPU market share
CPU/GPU cash conversion
Risk Radar
Catalyst Timeline 2026–2030
Helios delivery and data centre margin
CPU/GPU share and cash conversion; conditional
VERIFIED FINANCIAL FINDINGS
Q2 revenue $11.536B (+50%); data center $6.718B (+107%). GAAP operating margin 17%. Liquid assets $13.111B, debt $3.226B; FCF $1.558B, capex $808M. Q3 revenue guidance $13B ±$300M.
VALUATION INDICATOR
GAAP 100.13x; adjusted 83.24x. October 21 closing price / (most recently reported quarterly EPS × 4). Mechanical quarterly annualisation: not TTM, forward P/E, company guidance, price target, or fair value. Seasonality and segment mix may cause deviation; GAAP/non-GAAP differences are preserved.
KAYNAKLAR / SOURCES
Update note: All ten sub-scores are new analyst judgement; classification not auto-derived from total. Prior card score not copied.
Research Disclosure: BGAM scores and scenarios are analyst assessments. This material is provided for research and information purposes and does not constitute personalized investment advice or a promise of returns.