AMD: being the alternative is worth more than the benchmark suggests
Nobody wants a single supplier for a component this strategic. That procurement reflex is worth more to this name than any benchmark win.
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Discussion · 11
Absoulutley!
Good to see an invalidation level actually stated. I had not appreciated how much of this is already in consensus. Has anything in the last print changed the entry you would take?
Reading this against my own model. The exclusivity window is the part the market keeps mispricing. Would you underwrite this without the catalyst date?
Useful framing. The channel data is what makes this hard to dismiss. What is the level where you would walk away?
Good piece. The exclusivity window is the part the market keeps mispricing. What does the bear actually have to be right about?
That is where I would push back. The read-across is real for the closest comparable and much weaker beyond it, because the contract structures differ.
Good to see an invalidation level actually stated. The margin bridge is doing more work here than is acknowledged. What is the level where you would walk away?
That is where I would push back. The comp table took longer than the rest of the piece put together, so I am glad it was the useful part.
This changed my mind. The elasticity decay across the price actions is the tell. How much of this do you think is already in the buy side's numbers?
This is the second-order point everyone skips. The mix argument is the part I had not considered properly. How much of this do you think is already in the buy side's numbers?
That is where I would push back. Early is a fair criticism of my last one on this name. The difference here is that the catalyst is dated rather than open-ended.