or another way of putting that is investors are jumping the gun and pricing in years and years of expected marketshare growth that haven't happened yet.
it's a relatively safe bet now that intel has more or less conceded leadership through 2023 but it's not zero risk. The market generally doesn't have an appreciation of that, P/E was still nuts even before the release of Zen2 when AMD's success was far less clear (Zen1/Zen+ were far less appealing products and scaled far less well into server class). It's a lot of amateurs (see: r/AMD_Stock on reddit) buying it because they like the company rather than trading on the fundamentals.
Right now the stock market is just nuts in general though, there's so much money from the Fed's injections sloshing around and looking for any productive asset, and tech companies look like a good bet when everyone is stuck at home, building home offices, consuming tech hardware and electronic media. Housing is getting even more weird as well.
it's a relatively safe bet now that intel has more or less conceded leadership through 2023 but it's not zero risk. The market generally doesn't have an appreciation of that, P/E was still nuts even before the release of Zen2 when AMD's success was far less clear (Zen1/Zen+ were far less appealing products and scaled far less well into server class). It's a lot of amateurs (see: r/AMD_Stock on reddit) buying it because they like the company rather than trading on the fundamentals.
Right now the stock market is just nuts in general though, there's so much money from the Fed's injections sloshing around and looking for any productive asset, and tech companies look like a good bet when everyone is stuck at home, building home offices, consuming tech hardware and electronic media. Housing is getting even more weird as well.